Punjab-China business fund established

SHANGHAI: To facilitate the investors and reduce their set up cost, Punjab Government has decided to establish “Punjab-China Business Support Fund”, the Provincial Chief Minister Mian Muhammad Shahbaz Sharif said.In an interview with state news agency the CM Punjab pointed out that an amount of US$ 1.25 million has already been allocated for the Support Fund.Chief Minister further said that the objective behind setting up Support Fund is to strengthen Punjab Government’s relationship with the Chinese investors, entrepreneurs and industrialists.The CM was on a 5-day visit to China to draw the support of Chinese enterprises for investments to establish joint ventures with their Pakistani counterparts in areas of construction of housing schemes, infrastructure, power generation, public-private joint ventures in industrial sector, road network, bring modern drip irrigation technology for the promotion of agriculture sector and excavate of iron ore and coal deposits.He also exchanged views with Chinese side in setting up power generating units, as he observed that the load shedding and shortage of power is adversely hampering economic and trade activities in his province.Shahbaz Sharif held very successful meetings in this regard during his two day stay in Beijing and signed Protocols and a number of Memorandum of Understandings (MoU) before leaving on the second leg of his visit to Shanghai.In the presence of Punjab Chief Minister a MoU on cooperation in generating hydel electricity was signed with a Chinese company that would not only bring an investment of $ 200 million but also establish a power station on Tunsa Barrage with a generating capacity of 120 MW.Giving further salient features of the Fund, Shahbaz Sharif said that it could be used to provide support to Chinese Companies prospecting Punjab’s market in jointly financing the feasibility studies and business plans, act as a vehicle for Punjab Government’s participation in joint ventures and also equity participation with Chinese enterprises.

News Source:http://thearynews.com/