Business
Two Chinese companies announce setting up plants in Pakistan
Napa Chemicals, Shing Shao will manufacture textile-related raw materials in Punjab
Lahore: Two leading Chinese companies have announced to set up their plants in Pakistan with one setting up a sole entity while the other in a joint venture with a local company to manufacture raw materials for the textile industry.
Both companies were expected to invest millions of dollars in both the projects with aim of manufacturing cheap raw materials for the local industries.
Abdul Rahim Chughtai, the convener of the 9th Colour and Chemicals Expo 2024 and the president of the Punjab Dyes and Chemicals Merchants Association, said that Napa Chemicals and Shao Shing Chemicals would make investments in Punjab.
He said Rainbow Industries would go into a joint venture with Shao Shing Chemicals soon, adding with the Chinese investment our local dyes and chemicals industry would get the latest technology transfer and advancement.
Chughtai said the federal government has already announced a 10-year tax holiday, duty-free import of machinery and setting up units in the Special Economic Zones for foreign investors.
He was of the view that the law and order situation and energy tariffs are real challenges in the way of foreign investment in the country.
Organiser Rashidul Haq said that the two-day 9th Color & Chem Expo attracted more than 300 exhibitors representing the dyes, chemicals, and allied industries. They also included companies and their representatives from China, Malaysia, Turkey and Iran.
The exhibition was organised by the Event and Conference International, Rainbow Group and Punjab Dyes & Chemicals Merchants Association.
Haq further said the two-day event involved technology transfer, information on new products, signing of new contracts and improved interactions between the companies and their vendors, industry stakeholders, key professionals, policy influencers, top-tier business leaders, and decision-makers spanning a wide spectrum of sectors.
Mr Shi Xianping, the Chairman China Dyestuffs Industry Association, also joined the mega event.