Tuesday, September 18, 2018
China’s state-owned Norinco Group will invest US$ 20 million for the establishment of state of the art manufacturing unit in Punjab. Norinco Group has signed an MoU with Punjab Board of Investment & Trade in connection with establishment of the production facility near Faisalabad Industrial Estate.
Chief Executive Officer (PBIT) Jahanzeb Burana received Won John of Norinco Auxin, while COO FIEDMC Aamer Saleemi was also present on the occasion. Jahanzeb Burana assured that PBIT will provide absolute facilitation to Norinco Group to promote valuable communication and coordination as well as utilize their full resources and energies for the expansion of Group’s investment and commercial engagement in Punjab.
Norinco is one of the Fortune 500 companies owned by China government and has its presence in Pakistan since 1971. Its subsidiary Norinco Auxin is engaged in the business of manufacturing & supplies and global mining services. Norinco Auxin intends to invest US$ 20 million phase wise in Pakistan for the establishment of manufacturing facility.
Punjab Board of Investment & Trade and Faisalabad Industrial Estate Management Company will help Norinco Auxin to acquire more than 50 acres of land closer to the existing industrial hub. Punjab Board of Investment & Trade will facilitate Norinco Group establish special economic zone in Punjab.