Industrialists from China’s Chongqing Federation of Industry and Commerce will invest $400 million in multiple trade and industrial projects in Sindh.
This was stated by a representative of the federation, Zhang Yang, at a press conference in Hyderabad Chamber of Commerce and Industry on Sunday.
He said the investment would be made in steel, textile and clothing, real estate, agriculture, tourism, education and training, municipal and solid waste disposal sectors.
Yang informed that the MoU, which would last for 5 years, was signed between the Federation and HCCI in China in May this year.
“We have declared Chongqing and Hyderabad as the friendly cities,” he told, adding that up to 34 industries and investors from Chongqing would make their investments in the joint ventures in Hyderabad and other cities of Sindh.
He told that the industrialists from the 2 cities had already maintained a promising cooperation in the industry. He said Chongqing was a beautiful city of China and that it was home to automobile and motorbike industry.
The Chinese businessmen said Hyderabad is a favorable place for investment where the Chinese industrialists intend to introduce advanced technology. He informed that Hyderabad was selected for the investment after HCCI submitted investment proposals to the federation.
“This MoU is part of the CPEC as 34 Chinese companies will be making investments in various sectors,” former HCCI president Seth Goharullah said.
The HCCI’s vice president Ziauddin, who signed the MoU with his Chinese counterparts earlier in China, apprised that a formal agreement between the mayors of Chongqing and Hyderabad will be signed in October in Pakistan.
He told that the Chinese delegations will visit Hyderabad and sign agreements with the local companies. According to him, a sub-office of the federation has also been established in Hyderabad’s SITE area and it would also be inaugurated in October.