Pak-China joint venture to introduce new technology, create hundreds of jobs
Pakistan’s Balochistan Glass Limited has signed a joint venture with Chinese company Globallink Glass Technology and Equipment. The agreement was signed at the Punjab Board of Investment and Trade (PBIT) on Thursday.
Amena Cheema, Chief Executive Officer of the PBIT, who welcomed both the companies, said that such collaborations come bearing good tidings for the future. Ju Xin Hong, CEO Globallink Glass, also expressed his delight at the agreement signing saying that such ventures should be pursued that benefit both Pakistan and China.
According to the agreement, a manufacturing facility “Paidar Hong Glass” is set to be established near Lahore that would be using advanced technology to develop USP Type-1 neutral glass tubings, vials, and ampoules. The company would also produce high-quality Borosilicate USP Type-1 amber and clear glass tubing using the Danner process.
The company is being formed with a total capital of around $9 million. The agreement would lead to over 500 direct jobs for engineers, technologists, and pharmaceutical personnel who would be working in close collaboration with their Chinese counterparts. Hundreds of other indirect jobs are also anticipated.
Paidar Hong Glass is expected to begin commercial operations by June 30, 2017.