Chinese company Sinovac to invest $ 200 million in Punjab

Lahore: Chinese company Sinovac will invest US $ 200 million (about Pakistani Rs 45 billion) in Punjab by setting up a factory to manufacture plasma medicine products in Punjab.
A Chinese delegation, led by Gao Qiang, Vice President of Sinovac Global met S M Naveed, chairman Special Economic Zones and former president Pakistan China Joint Chamber of Commerce and Industry and Salahuddin Hanif at the Chamber’s Secretariat, here to discuss the matter.
On the occasion, Gao Qiang said that they were going to invest US $ 200 million in Punjab by setting up a factory which would cost about Pakistani Rs 45 billion.
The company will also export items worth US $ 500 million. This project would create new employment opportunities and become a new example for Pakistan-China friendship, he added.
S M Naveed, chairman Special Economic Zones told the Chinese delegation that Sinovac will soon be provided land on priority basis in the China-Pakistan Economic Corridor (CPEC)’s Industrial Estate Faisalabad.
Naveed said that Punjab Chief Minister Chaudhry Pervez Elahi had assured that Sinovac Company would be provided land on a priority basis in CPEC Industrial Estate Faisalabad.
All the required facilities would be provided to the company in Punjab, he said and added that the project would not only benefit Punjab but the whole of Pakistan and it would be carried forward on a fast-track basis to ensure early completion, he remarked.
He added: “We thank Sinovac Company for supplying vaccines to Pakistan during the corona epidemic. Planning a factory to manufacture plasma medicine products in Punjab is a big step, and we hope that the project will definitely help save lives of people at massive scale.”
In his comments, Secretary General PCJCCI Salahuddin Hanif said that there was 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.
He maintained that Pakistan could look at China’s experience which had drawn the arbitration rules from the West. “I feel so proud that SEZs (Special Economic Zones) are flourishing this way under the leadership of S M Naveed and definitely open up new vistas of opportunities for business community,” Hanif stated.