BEIJING, Feb 21: Private firms of Pakistan and China on Tuesday signed 19 agreements and memorandums of understanding worth $500 million to undertake joint ventures in various fields.

The signing ceremony was held at the Pakistan-China investment forum in presence of President Pervez Musharraf. The projects to be carried out under the agreements are related to real estate development, Karachi mass transit communications network, chemical, fertilizer, automobile and agro-based industries.

The projects will be implemented in four to five years, according to Pakistan’s Commercial Counsellor Shahid Mahmood.

A joint venture plant for production of urea fertilizer will be set up in Thatta. The plant will be put into operation by the end of next year. Around 2,000 tons of fertilizer will be manufactured per day in the plant, to be implemented on equity basis.

Under an agreement, a television station will be set up.

An agreement for financial collaboration between the Habib Bank and the City Bank of Urumqi for investment in development projects was signed.

An agreement was also signed between the National Bank and the China Development Bank for joint financing.

The Haier Group involved in production of electronic appliances in Pakistan also entered into an agreement with a Chinese company for development of vending industry.—APP