ISLAMABAD, November 10 (INP): Nine Chinese companies are set to initiate long-term development projects in Pakistan, organizers of Pakistan Industrial Expo 2021 said, according to Gwadar Pro.

More than 100 Chinese companies participated in the 5th Pakistan Industrial Expo 2021 (October 29-31) through both physical and online participation.

The previous four editions of Pakistan Industrial Expo attracted 31 Chinese companies who are cooperating with local ones to set up assembling plants or technology exchange.

Numerous Pakistani associations and chambers also visited the venue and signed Memorandums of Understanding (MoU) with the organizer.

The organizer Everest International, announced that the Chinese and Pakistani companies had signed intended cooperation agreements (ICAs) worth US $ 34 million in different sectors including construction, engineering, manufacturing and technology transfer.

They said at least 9 Chinese companies are considering to start long-term development projects in Pakistani market as a result of interaction between both sides at the expo.

Encouraged by the results, organizer Everest International Expo has also set up a ‘permanent display center’ in Lahore to showcase Chinese products for physical inspection by the local industry representatives before further negotiations between both the sides.

Despite the Covid-19 situation, Pakistan and China have been able to sustain a healthy economic and investment partnership and it is now high time to join hands for a much-needed economic and investment rebound.

This is the best possible solution to bring businesses from both countries together for rejuvenation of bilateral investment cooperation, commented Chris Zhou, Deputy General Manager of Everest International Expo.

Kamal Nasir Khan, Chairman of Constructors Association of Pakistan (CAP), praised the organizers for arranging such an event in prevailing circumstances which would create a win-win situation both for Chinese and Pakistani businessmen.

He showed keen interest in the construction machinery placed in the exhibition and remarked that Pakistani construction and real estate industry was showing positive trend and it needs modern machinery which can help bring down the cost as well as ensure longer life of constructed buildings.

Similarly, Daroghawala Industries Owners Association’s President Shouban Akhtar appreciated the offline-online method adopted by the organizers and said that it served the purpose of physical inspection and immediate negotiation between buyers and sellers.

INP/Javed