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LAHORE: The Punjab Board of Investment and Trade (PBIT) signed a $20 million memorandum of understanding (MoU) on Monday with Norinco Group, for the establishment of state-of-the-art manufacturing unit near Faisalabad Industrial Estate.

Norinco is a Fortune 500 company owned by the Chinese government with presence in Pakistan since 1971. Its subsidiary, Norinco Auxin, is engaged in manufacturing and global mining services. Norinco is also a partner of China Railways in its execution of the entire electrical and mechanical works of the Lahore Orange Line metro train project.

The PBIT CEO Jahanzeb Burana, Norinco Auxin’s Won John and Faisalabad Industrial Estate Management Company’s (FIEDMC) chief operating officer Aamer Saleemi signed the MoU.

“The board will facilitate Norinco Group to promote communication, coordination and utilise their full resources for expanding investment and commercial engagement in Punjab,” Burana said.

Under the MoU, the PBIT and FIEDMC will also help Norinco Auxin acquire more than 50 acres of land close to the existing industrial hub.

Published in Dawn, September 18th, 2018