LAHORE: A Pakistan company on Thursday signed a joint venture agreement with a Chinese firm to establish a glass products manufacturing facility worth $9 million near Lahore.

The CEOs of Globallink Glass Technology and Equipment and Balochistan Glass Limited signed the agreement in the presence of Punjab Board of Investment and Trade CEO Amena Cheema.

Under the agreement, a new company will be formed which will be called Paidar Hong Glass. The company will produce high-quality Borosilicate USP Type 1 amber and clear glass tubing using the Danner process under the supervision of Chinese glass technologists and engineers.

In addition, two furnaces with a capacity of 24 tonnes per day each will be installed along with glass tubing, glass vials and glass ampoule manufacturing machines. These products are used by pharmaceutical companies for medical and research purposes.

The joint venture is expected to help in import substitution as well. Commercial operations are expected to begin by June 30, 2017.

Published in Dawn, August 5th, 2016