A Chinese investor group has signed an agreement with the Punjab government to develop a 300-acre industrial park in a Special Economic Zone, bringing an expected foreign investment of $1.5 billion to the province.
As per reports, the deal, formalised on Wednesday between the Punjab Department of Industries and Commerce and Sino-Pak Tech Industry (Pvt) Ltd, was signed at a ceremony held at PSIC House. Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain and the company’s CEO, Pedric, signed the agreement in the presence of Chinese investors and officials from the Punjab Investment Board.
Under the plan, factories in textiles, automotive, pharmaceuticals and other sectors will be established in the industrial park. The provincial government will allocate land for the project inside one of Punjab’s Special Economic Zones.
Speaking at the ceremony, the provincial minister said the agreement reflects growing investor confidence. He noted that “several Chinese companies have already begun construction of their industrial units in Punjab,” adding that new foreign and domestic investments are central to creating employment opportunities.
Shafay said the government is offering incentives to encourage investment and is improving facilities within industrial estates, including a community centre for foreign investors and additional bank branches. He added that the Special Economic Zones have been equipped with infrastructure meeting international standards and urged investors to take advantage of the business environment in Punjab.
