Hyderabad – The industrialists belonging to China's Chongqing Federation of Industry and Commerce will invest $400 million in several trade and industrial projects in Hyderabad and other parts of Sindh.
The federation's representative Zhang Yang informed a press conference at the office of Hyderabad Chamber of Commerce and Industry (HCCI) here Sunday that a memorandum of understanding (MoU) has already been signed in this regard.
Yang informed that the MoU, which would last for 5 years, was signed between the federation and HCCI in China in May this year. He said under the MoU the investments would be made in steel, textile and clothing, real estate, agriculture, tourism, education and training, municipal and solid waste disposal sectors.
"We have declared Chongqing and Hyderabad as the friendly cities," he told, adding that up to 34 industries and investors from Chongqing would make their investments in the joint ventures in Hyderabad and other cities of Sindh.
He told that the industrialists from the 2 cities had already maintained a promising cooperation in the industry. "We now want to further bolster the business ties in the steel, textile, real estate and other sectors," Yang said. He said Chongqing was a beautiful city of China and that it was home to automobile and motorbike industry.
The Chinese businessmen said Hyderabad was a favourite place for investment where the Chinese industrialists intended to introduce advanced technology.He informed that Hyderabad was selected for the investment after HCCI submitted investment proposals to the federation.
"This MoU is part of the China Pakistan Economic Corridor (CPEC) as 34 Chinese companies will be making investments in various sectors," former HCCI president Seth Goharullah said.The HCCI's vice president Ziauddin, who signed the MoU with his Chinese counterparts earlier in China, apprised that a formal agreement between the mayors of Chongqing and Hyderabad would be signed in October in Pakistan. He told that the Chinese delegations would visit Hyderabad and sign agreements with the local companies.
According to him a sub-office of the federation was also established in Hyderabad's SITE area and it would also be inaugurated in October. The office bearers and members of HCCI were present on the occasion.