Islamabad: The Trade and Economic Multifunctional Platform for SCO Countries (SCO TEMP) aluminum working committee has initiated a trial run for a recycled aluminum project in Southwest China’s Chongqing and Pakistan.
They established an entity in the Chongqing Lianglu-Guoyuan Port Comprehensive Bonded Zone (CBZ) and set up an overseas industrial park in Pakistan.
The industrial park processes globally sourced raw materials, selling or importing them back to the CBZ. Utilizing local expertise, the Chongqing entity refines imported materials into high-value products for global sales.
SCO TEMP, a non-profit trading platform co-founded by the SCO Business Council and Chongqing Liangjiang New Area, offers supply chain integration services and fosters collaboration in trading, education, agriculture, and sci-tech innovation.
With an investment of 5.5 billion yuan (USD 767.8 million), the project in Pakistan aims to establish an advanced manufacturing system, create jobs, generate tax revenue, and enhance international trading, said an official statement on Friday evening.
The aluminum working committee plans to replicate this cooperation model for other recycled metals, aiming to transform the CBZ into a global trading center for recycled metal.
Chongqing’s strategic location at the intersection of the Belt and Road and the Yangtze River Economic Belt, along with its robust industrial foundation, positions it favorably for cooperation among SCO countries. Chongqing’s role is further strengthened by its international logistics network, including railway, airway, waterway, and highway connections.
Chongqing, a key manufacturing hub in western China, aligns with the national strategy of the Chengdu-Chongqing Economic Circle.
Director General Hu Kaiqiang emphasized the need to leverage Chongqing’s manufacturing capability and SCO countries’ resources to build an international innovation ecosystem.
SCO TEMP, since 2022, has facilitated an outbound investment of nearly 30 billion yuan, fostering active cooperation in mining, processing, manufacturing, and commodities sectors among Russia, Kazakhstan, Uzbekistan, Tajikistan, Pakistan, and Iran, Hu Kaiqiang added.
The DG maintained that the goal is to establish an open industrial ecosystem for coordinated international innovation, with Chongqing serving as a global hub.