Chinese company to invest $ 50 million in Gwadar, Karachi
Optima Integration Group of China on Monday joined hands with Asia Pak Investments of Pakistan to invest $50 million in the first phase to develop agriculture power and logistics sectors in Gwadar and Karachi.
The Board of Investment (BoI) facilitated the signing of a memorandum of understanding (MoU) between the two companies in this regard, which would create more than 100 jobs in Gwadar and Karachi, besides establishment of a high-tech processing facility along with technology transfer.
Federal Minister Board of Investment Chaudhry Salik Hussain was the chief guest at the ceremony where Optima Integration Group Chairman Sam Siu and Chief Executive Officer of Sino Pak Optima Technologies (SPOT) signed the MoU in the spirit to enhance business to business (B2B) agricultural cooperation between the two countries. BoI Secretary Ms Fareena Mazhar was also present at the ceremony.
Under the MoU, the two groups would set up an end-to-end supply chain for seafood [79 species of fish are approved by the General Administration of Customs of the People’s Republic of China (GACC)] for export from Pakistan to China.
In the long run, the project would expand from fish to beef and goat – starting off with exporting beef with cold chain transport, then scaling with Chinese standard breeding, feedlot operations, vaccinations, track and trace technology, and slaughter and pack facilities in Karachi.
Speaking on the occasion, Minister Chaudhry Salik Hussain appreciated the interest of the Chinese side in the agriculture and livestock sector of Pakistan, particularly the fish and seafood industry.
He informed the participating parties about the establishment of Pakistan-China Business and Investment Forum (PCBIF) comprising leading Pakistani and Chinese companies, which was the result of joint efforts of BoI, Chinese Embassy and All-Pakistan Chinese Enterprises’ Association (APCEA).
He assured the Chinese investors of concerted efforts by the BoI to facilitate the potential investors.