ISLAMABAD: Pak China Investment Company Limited (PCICL) and LTEC International Agriculture Development Company Limited (LTEC) finalized and have signed a finance facility agreement for the export of chillies from Pakistan to China. This agreement marks a significant milestone as LTEC becomes one of the flagship agricultural projects under the China-Pakistan Economic Corridor (CPEC), facilitating Pakistani businesses to access the expansive Chinese market.
The signing ceremony was witnessed by Mr Yang Guangyuan, Minister Counsellor from the Embassy of China, Ms. Naghmana Hashmi, Former Ambassador of Pakistan to China and EU & Dr Akmal Siddique, Technical Advisor, Ministry of National Food Security & Research. Mr. Hassan Raza, Managing Director PCICL, Mr. Jiang Ketao, Deputy Managing Director PCICL & Mr. Duan Hongjun, CEO of LTEC along with the management teams from both sides were also present on the occasion.
PCICL is striving to promote trade and investment between Pakistan and China. The company’s involvement in numerous CPEC projects, including mega power ventures, underscores its pivotal role in Pakistan’s economic development. The extension of the finance facility to LTEC marks a significant initiative of PCICL, solidifying its position as a key local lender of CPEC projects. LTEC; with its strong presence in the food industry in China, is establishing its mark as a distinguished company renowned for pioneering the Chinese chilli contract farming project.
Speaking at the ceremony, Mr. Raza expressed confidence in the potential of Pakistan’s agriculture sector to expand exports to China and PCICL’s commitment to providing advisory and financing facilities to the industry to capitalize on this potential. Mr Duan highlighted Pakistan’s significant position as the fourth largest chilli producer globally and China’s soaring demand for dry chilli, which presents a significant opportunity for Pakistan to tap into a lucrative market & expand its pepper export to China.
Under the agreement, PCICL will provide advisory and funding to LTEC to facilitate its chilli exports to China, aligning with PCICL’s mission to catalyze economic growth and export opportunities between Pakistan and China.
