Chinese Glass Company signs Joint Venture Agreement with Balochistan Glass Limited at PBIT headquarters

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Ms. Amena Cheema, Chief Executive Officer of the Punjab Board of Investment and Trade (PBIT), welcomed the CEOs of Chinese company Globallink Glass Technology and Equipment, and Pakistani company Balochistan Glass Limited to PBIT headquarters today where the two companies signed a Joint Venture agreement.  Under the agreement, a manufacturing facility will be established near Lahore to manufacture and sell high-quality USP Type-1 neutral glass tubing, vial and ampoule in Pakistan using advanced technology and equipment. USP Type-1 neutral glass tubing is a new technology that has excellent chemical resistance and great mechanical strength.  A new company will be formed which will be called Paidar Hong Glass. The new company will produce high-quality Borosilicate USP Type 1 amber and clear glass tubing using the Danner process under the supervision of highly-skilled Chinese glass technologists and engineers. Total capital commitment will be approximately $9 million. In addition, two furnaces with 24 tons per day capacity each will be installed along with glass tubing, glass vials and glass ampoule manufacturing machines. These products are used by pharmaceutical companies for medical and research purposes. The Joint Venture is expected to help in import substitution as well.  PBIT had been in close contact with both companies and played a major role in facilitating the agreement.  Pakistan will benefit from the agreement because a fully air-conditioned workshop environment will be created to ensure that pharmaceutical companies can produce high-quality medicine with clean and safe packing.  The agreement will also lead to the creation of 500 direct jobs and many indirect jobs. Commercial operations are expected to begin by June 30, 2017. Speaking on the occasion, Mr Ju Xin Hong, CEO Globallink Glass, expressed his appreciation regarding PBIT’s commitment to facilitating the agreement and said similar ventures should be pursued for the benefit of both Pakistan and China.  Expressing her agreement, Ms. Cheema praised the strong ties between China and Pakistan and said that such agreements bode well for the future.