Punjab Board of Investment and Trade (PBIT), Shandong Yulong Real Estate Group and Roshan Packages (Pvt) Limited on Wednesday signed a Memorandum of Understanding (MoU) to establish a 1,200 acre green industrial estate near Lahore.
PBIT Chief Executive Officer Amena Cheema, Shandong Yulong representative Sunato and Roshan Packages’ Tayyab Aijaz represented their respective organisations.
According to the MoU, the estate will house up to a hundred industrial units and PBIT will facilitate in identification of land, while Shandong and Roshan Packages will invest all the capital. Major Chinese businesses will be encouraged to set up their units there.
Roshan Packages in partnership with Shandong is all set to establish an eco-friendly paper mill with $40 million initial investments as soon as the land is identified.
“Green projects need to be encouraged and PBIT will provide all the possible facilitation to both the parties to set up the project,” PBIT CEO Amena Cheema said.
The idea of developing an eco-friendly industrial estate was conceived by PBIT and proposed to Shandong back in May 2015. This agreement is a follow up of the MoU signed back in May. Both parties also agreed to provide all facilitation to promote trade between China and Punjab, to generate investment and to organise trade fairs and seminars to bring together investors from both sides.
Such partnerships and endeavours were taking Punjab into a new era of creativity and growth, Cheema added.
While appreciating the initiative taken up by the PBIT / Pak China by setting up 1200 acre industrial estate near Lahore, it is suggested that instead of wasting such valuable land for industrialization that would also bring environment / pollution problem for Lahore, the barren area spread between Deena, Mandra, Gujjar Khan, Rawat, a large industrial area housing SMEs as well as large industrial establishments will go long way in developing this barren hilly / pothwar belt, providing employment opportunities to the people of this area and bringing a number of socio economic benefits to the people of this area.
Hope it will be beneficial to our economic system
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