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Chinese Firm to Invest USD 100 Mln to Manufacture Home Appliances in Pakistan
The Haier Group of China plans to invest 100 million U.S. dollars in Pakistan in a joint venture with Tupa Traders of the United Arab Emirates (UAE) to manufacture home electronic appliances which would be exported to UAE and other countries, an official in the Board of Investment (BoI) said on Wednesday.
Haier is expected to start production of air-conditioners, refrigerators, deep-freezers, washing machines and TV sets, etc. from the next calendar year, said Suleiman Shah Mian, executive director general of BoI.
As the largest manufacturer of home electronic appliances in China, the Haier Group has recently acquired a vast tract of land covering 66 acres on the Raiwind Road, an industrial area near Lahore, capital of Punjab province where the construction work was going on at a fast pace.
Suleiman said the construction work will be completed by December 2001, adding "the Haier Group will make an initial investment of 35 million U.S. dollars, but it will increase the quantum of investment to 100 million U.S. dollars at a later stage. "
He asserted that Haier's joint venture with Tupa Traders would not only help enhancing Pakistan's exports from next year, but also restore the confidence of foreign investors.
According Suleiman, in the backdrop of the visit of Chinese Premier Zhu Rongji in May, several Chinese companies have shown interest in making investment in the fields of communication, coal mining, transportation, and agriculture sector in Pakistan.
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