960407

Pakistan, China

sign joint venture

pact on textile

LAHORE: Over eight joint venture proposals have been concluded between Pakistan and China as a result of the recent visit of Jiangsu trade delegation. It was disclosed by Cheng Shi Shu, Director, Science and Technology Development Corporation of Jiangsu, while addressing the Lahore Chamber of Commerce & Industry as leader of an 11-member Chinese trade delegation.

The meeting was presided over by Sh. Wahiduddin, Senior Vice President of the LCCI. Iqbal M. Khan, Asim Qadri, Yousaf Dar and Habibullah Sheikh, Executive Committee Member of the LCCI were prominent amongst those present, says a press release.

Cheng Shi Shu said that most of the agreements, signed by his entrepreneurs with their Pakistani counterparts pertained to textile sector. The other joint venture projects concluded cover the areas like communication, computer technology, electrical engineering, pharmaceuticals and board manufacturing.

Cheng Shi Shu further said that the exhibition of Chinese machinery and technologies held in Lahore was an extremely successful show and almost all the products displayed in this exhibition were sold out within the fixed time schedule.

Earlier, Sh. Wahiduddin, in his address of welcome said that Pakistan had lowered its tariff rates to 65 percent this year which will further be reduced to 55 percent next year. He was of the view that Chinese businessmen should take benefit of these reduced tariff rates.

Sh. Wahiduddin emphasized the use of land route for expansion of trade between the two countries on cheaper transportation cost. He said that special efforts should be put in by both the governments to improve the road conditions at Khunjrab Pass area which remains blocked due to landslides and snow for quite sometime.