Sinovac Global to invest $200m in Punjab

Sinovac Global Vice President Gao Qiang, on Wednesday, said that the company has decided to invest $200 million (about Rs45 billion) in setting up a factory in Punjab.

Leading a Chinese delegation to meet with the Special Economic Zones Chairman, SM Naveed, and Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) former president, Salahuddin Hanif, at the chamber’s secretariat, Qiang said Sinovac Global is planning to set up a factory in Punjab that will manufacture plasma medicine products. It will also export medical items worth $500 million from Pakistan.

“This project will create new employment opportunities and become a new example for Pakistan-China friendship,” he added.

The SEZ chairman welcomed the initiative saying that “The Punjab chief minister has assured that Sinovac will be provided with land on a priority basis in the CPEC Industrial Estate in Faisalabad.”

“All the required facilities will be provided to the company,” he said, adding that “the project will not only benefit Punjab but the whole country and will be carried forward on a fast-track basis to ensure early completion.”

“We would also like to thank the company for supplying vaccines to Pakistan during the Covid-19 epidemic,” said Naveed. “Planning a factory to manufacture plasma medicine products in Punjab is a big step, and we hope that the project helps save lives of people on a massive scale,” he added. The Secretary General of PCJCCI, Salahuddin Hanif said, “There is a dire need to take notice of the resources and provide maximum support to the developers in order to succeed and achieve our targeted goal.”