China's Shengtang Group eyes $10 million MoU, investment in seven sectors in Pakistan

According to Profit by Pakistan Today, China's Shengtang Group is keen to sign a $10 million memorandum of understanding and put money into seven sectors in Pakistan. Those areas are manufacturing expansion, infrastructure, tourism, battery-powered vehicles, rail, energy and urban development. The group raised its interest during talks with Haroon Akhtar Khan, Adviser to the Prime Minister on Industries and Production, as reflected in a statement from the Ministry of Industries and Production.

Khan told the delegation that the government is rolling out business-friendly regulatory reforms and has issued orders to ease the path for Chinese investors. He pointed to the land-lease option open to investors as a tool for drawing in capital and boosting industrial activity. He also argued that now is a good moment for investors to look at Pakistan, citing the country's dependability and resilience on the global stage.

Khan noted that around 40% of joint ventures and MoUs struck between the two countries have moved into execution. He described relations between the two countries in strong familial terms, saying further Chinese investment would support factory growth, economic activity, technology transfer and job creation. He added that Prime Minister Shehbaz Sharif's push to deepen cooperation with China is starting to yield concrete results.