ISLAMABAD, Dec 22: Two Chinese companies in a joint venture with a Pakistani company will set up a pharmaceutical manufacturing facility at Karachi at a cost of $5 million.

The joint venture agreement was signed by the two Chinese companies - SPGC Sine Pharmaceutical Laboratories Limited and Orient International Holding Limited - with Royal Group of Pakistan here on Wednesday.

The ceremony was attended by Privatization and Investment Minister Dr Abdul Hafeez Shaikh and State Minister Umar Ahmad Ghuman. The joint venture will generate employment opportunities for around 150 persons and bring in competitive technological expertise from China in the field of pharmaceuticals.

Speaking on the occasion, Dr Hafeez said that Pakistan was trying hard for increased economic activities with China. "We are hopeful that the present move will send a positive signal to other Chinese investors who can avail the business-friendly investment policies and opportunities for the mutual benefit," he remarked. He assured the Chinese companies of help and assistance on behalf of the government as well as the Board of Investment.