A memorandum of understanding (MoU) was signed between the Punjab government and Yantai Baoqiao Jinhong, Chinese cement company, regarding setting up of a modern cement plant in the Salt Range.
Punjab Chief Minister Shehbaz Sharif was the chief guest at the signing ceremony held at Model Town on Tuesday.
Under the agreement, the Chinese company will set up a latest cement plant in the range with an investment of $ 350 million.
Secretary Minerals Dr Arshad Mahmood and Chinese company Chairman Li Baolu signed the document.
The chief minister said that the agreement between the Punjab government and Chinese company regarding setting up of a modern cement plant will result in transfer of modern technology and creation of job opportunities for the people of the area.
He said the government welcomes investment by Chinese company in cement industry in the province.
He said that all out facilities are being provided to foreign investors regarding investment in the province and the government will also extend maximum cooperation to the Chinese company in the establishment of the plant.
He said that a number of Chinese companies are already making investment in Punjab due to which economic cooperation and friendly relations between the two countries are strengthening.
He said that China is investing billions of dollars in Pakistan under the historic Chinese package of investment announced during President XI Jingping visit earlier this year. He said that mega projects are being established in energy, infrastructure, industry and other sectors under the CPEC.