ISLAMABAD, Dec 22: A Chinese company has finalized plans to set up a pesticides plant in Pakistan. Ms Hao Ying, Chairperson, Pak-China Manufacturing (Pvt) Ltd who called on Prime Minister Shaukat Aziz here on Friday, said it would be the first basic pesticide manufacturing plant of Pakistan.

She said the plant which was being set up, in collaboration with a Pakistani company, will have a number of unique features which would make it the only plant of its kind in the region.

The plant would be environment-friendly and with no adverse side-effects on crops. There would be substantial reduction in the prices of pesticides, she added.

She said the plant would have the capacity to cater to the domestic needs as well as export of pesticides to other countries.

Ms Hao Ying appreciated the business-friendly policies and the enabling environment in Pakistan which, she said, encouraged her to set up this unique plant in Pakistan.

She said she made the decision to set up the basic manufacturing plant in Pakistan in view of its high demand and fast potential in Pakistan.

The Prime Minister welcomed initiative of Pak-China manufacturing (Pvt) Ltd to set up the first primary manufacturing pesticide plant in Pakistan and said the government was encouraging local production of pesticides and fertilizers to provide these commodities to the people at cheaper rates.

The Prime Minister said Pakistan and China were working actively to expand their trade and economic ties and all ingredients required to achieve this objective are in place.

The Prime Minister said that in view of the reduced cost of manufacturing in Pakistan, China should look at Pakistan as a hub for manufacturing and export.

He said it was heartening to note that out of eight special economic zones which China has planned to set up overseas, the first one has been put up in Lahore which would greatly facilitate Chinese investments in Pakistan.

Aziz said the government was focusing on increasing farm incomes in rural areas and had provided subsidies which have significantly reduce prices, ensured better availability and discouraged adulteration in fertilizers.

The Prime Minister said the overall 30-60 per cent reduction made in the prices of fertilizers would increase yield and productivity of the agriculture sector and would subsequently lead to marked improvement in standard of living of farmers.

The meeting was also attended, among others, by Minister for Industries and Production Mr Jahangir Khan Tareen and seniors officials.