A Joint Venture agreement was signed on Thursday between the Chinese company Globallink Glass and Pakistan-based Balochistan Glass Limited. Under the agreement, a manufacturing facility will be established near Lahore to manufacture and sell high-quality USP Type-1 neutral glass tubing, vial and ampoule in Pakistan using advanced technology and equipment.
According to the spokesperson of Punjab Board of Investment and Trade (PBIT) a new company will be formed which will be called Paidar Hong Glass. Total capital commitment will be approximately $9 million. In addition, two furnaces with 24 tons per day capacity 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.
Speaking on this occasion Amena Cheema, Chief Executive Officer of the PB IT said that board had been in close contact with both companies and played a major role in facilitating the agreement. She also said that agreement will also lead to the creation of 500 direct jobs and many indirect jobs. Commercial operations are expected to begin by June 30, 2017. Speaking on the occasion, Mr Ju Xin Hong, CEO Globallink Glass, said that such type of agreements and ventures will be beneficial for both Pakistan and China.
Comments
Comments are closed.