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KARACHI: The Sindh government on Friday signed a memorandum of understanding with two Chinese firms under which the province would receive foreign direct investment of $250 million to set up a cement plant, said a statement released on Friday.
Under the MoU, Sinohydro Corporation Ltd in collaboration with Deer International Group Ltd (DIGL) would establish a cement plant of “zero per cent pollution and low energy consumption” in Sindh. That would also help create 2,500 jobs and generate an annual tax revenue of Rs3 billion.
Sindh Chief Minister Syed Qaim Ali Shah, along with Senior Sindh Minister for Finance Syed Murad Ali Shah, Sindh Minister for Industries Muhammad Ali Malkani, Senator Saleem Mandviwalla, Consul General China Ma Yaou, Chief Secretary Sindh Muhammad Siddique Memon, Sindh Board of Investment (SBI) Chairman Dr Asif Brohi and others witnessed the signing ceremony, the statement said.
SBI Director General Iftikhar Ali Shailwani and DIGL Chairman He Ying signed the MoU on behalf of their organisations.
The chief minister assured the company of full co-operation for establishment of cement plant in the province. He invited management of the company to also invest in water and energy sectors.
He said that since Sinohydro Corporation Ltd was world’s largest water conservancy and hydropower construction company, it can efficiently exploit the indigenous resources available in Sindh. “We are facing deficiencies in these sectors which are the main hurdle in the development.”
The province was also rich in natural resources like gas, coal and wind, he said. “We will welcome full investment and even become partner with investing organisation under the PPP mode of investment,” he added.
Mandviwalla, the chairman of Senate’s Standing Committee on Finance, described the agreement as a “milestone achieved by Sindh government”.
Deer International’s chairman said it was a Chinese firm listed in the Nasdaq stock exchange of the United States and sought to invest in the manufacturing sector of Pakistan. The company sold its products in more than 80 countries, he said.
He said the establishment of cement plants in Pakistan will be more important because of implementation on the CPEC.
SBI Chairman Asif A. Brohi briefed that Sinohydro Corporation’s core business covered water, infrastructure, power and communication work.
Published in Dawn, November 21st, 2015
