Chinese investors to invest $50bn in Punjab

[aks]

Economic Zone in Punjab: MoU signed with Chinese group
RECORDER REPORT

LAHORE (February 21 2010): A memorandum of understanding was signed between Punjab government and renowned investor Teng Zhong Group of China under which the group will set up an Economic Zone over 100,000 acres. According to an official here on Saturday, the group Chairman Yen Li, on behalf of China and Punjab Industrial Estate Chairman S M Tanvir on behalf of Punjab government signed the agreement.

Punjab Chief Minister Muhammad Shahbaz Sharif, Secretary Advisory Council Haroon Khawaja, Secretary Commerce and Industry, Chairman KASB Group Nasir Ali Shah Bukhari, head of Asia Pacific Activity Sufian Zubairi and Members of a delegation of Chinese investors were also present on the occasion.

The Chief Minister said today is an important day in the history of Punjab, as the MoU has been signed between renowned investor company of China and Punjab government, and this agreement would be finalised by the end of March 31. He said setting up of Economic Zone would not only result in developing the industrial sector but new job opportunities will also be generated. "After this agreement a new chapter will be written in the bilateral relations. This agreement will also motivate other philanthropists to invest in the province besides restoring the trust of international investors," he added.

Teng Zhong Chairman Yen Li said setting up of Economic Zone in Punjab will not only promote industrial activities in the province but also improve the standard of Pakistani products with the help of Chinese experience and technology.

Business Recorder [Pakistan's First Financial Daily]


so agreement is going to be finalize on 31 of march

 

[ajpirzada]

this is really amazing.....
400 Km square is almost half the size of islamabad which is close to 1000 Km square.
i hope this project goes well without any obstacle.

i guess this will be a full fledge industrial zone with many chinease companies (or is it just one?) it was mentioned that they demanded no interference. wat does that mean?

 

[mjnaushad]

this is really amazing.....
400 Km square is almost half the size of islamabad which is close to 1000 Km square.
i hope this project goes well without any obstacle.

i guess this will be a full fledge industrial zone with many chinease companies (or is it just one?) it was mentioned that they demanded no interference. wat does that mean?

Perhaps they mean not to stop them in middle. Like some obstacle were created for them in gawadar project by some cheap politicians to achieve their political goals. We all know after this starts then someone from opposition will raise it concerns on it after lot of money being invested in project..

 

[SXNJ]

Tengzhong has only spread rumor of it purchasing the Hummer.

Hummer was rumor as no one in the world is interested in Hummer, GM is closing it down.

It's not rumor, Chinese Ministry of Commerce rejected the application of purchasing Hummer from Tengzhong. Hummer is very welcome in China despite of its great fuel consumption.

 

[desiman]

It's not rumor, Chinese Ministry of Commerce rejected the application of purchasing Hummer from Tengzhong. Hummer is very welcome in China despite of its great fuel consumption.

Hummer deal dead as GM sale to China goes bust


General Motors has just announced that its deal to sell its Hummer brand to a Chinese manufacturer fell apart.

GM was to sell the brand of rugged SUVs whose popularity waned as gas prices spiked to Sichuan Tengzhong Heavy Industrial Machines Co., Ltd. in China in a deal worth $150 million.

The Detroit automaker did not disclose why the deal fell apart, only stating:

“One year ago, General Motors announced that we were going to divest HUMMER, as part of focusing our efforts on Chevrolet, Buick, GMC and Cadillac going forward. We have since considered a number of possibilities for HUMMER along the way, and we are disappointed that the deal with Tengzhong could not be completed,” said John Smith GM vice president of corporate planning and alliances. “GM will now work closely with HUMMER employees, dealers and suppliers to wind down the business in an orderly and responsible manner.”

GM added that it will honor Hummer warranties and provide service support and spare parts to Hummer owners globally.

Amid its Chapter 11 bankruptcy last year, GM said it would kill off its Saturn, Saab, Pontiac and Hummer brands. Saturn was to be sold to Penske, but that deal fell apart, too.

Saab also had an extreme case of back-and-forth with potential buyers before finally being sold to Spyker just last month.

Hummer deal dead as GM sale to China goes bust - Auto Motion : The Orange County Register

 

[desiman]

This looks like good news for Pakistan. $50bn is a lot of money, I hope corruption does not eat away any of it. But again Good Luck.

 

[Creder]

my grand prix.. stay safe my baby wherever you are

 

[chinapakistan]

1. So less jobs creation with such big investment?????

2. The chinese want to manufacture everything in china and they have got cheapest labor and infrastructure, so can anyone plz explain what type of projects, industries they are planing.

3. If one go by land area it is huge 1,00,000 acres

The 100000 acres = 400 km²

so china will own 400 squire kilometer of Punjab that is huge what they will build on that vast land?

Indian average incoming of labor is 1/3 of china. I thing you should check some src before starting trolling. At least you can be a educated troller.

 

[RAW007]

Now where is that $ 50 billion??

 

[Foo_Fighter]

Hawa hawa o hawa... news uda de...

Now where is that $ 50 billion??

 

[darkinsky]

^^^

 

[Jungibaaz]

Now where is that $ 50 billion??

If we Pakistanis close our eyes, real hard and try to wish, let our imagination run wild...

We might just end up dreaming about it.

 

[Foo_Fighter]

^^

 

[KRAIT]

Such investment news have been coming for years....yet to materialize.

 

[illusion8]

Now where is that $ 50 billion??

Where are the returns or the environment? Chinese businessmen or investors are just as skeptical as anybody else.