Lahore: A USD 20 million MoU was signed between The Punjab Board of Investment and Trade (PBIT) and Norinco Group, a Chinese firm for the establishment of a manufacturing unit near Faisalabad Industrial Estate, according to a news source.
Norinco is a company which has been present in Pakistan since 1971 and is a Fortune 500 company owned by the Chinese Government. PBIT expressed its support for the group by stating it would facilitate Norinco Group in the promotion of communication, coordination, and optimal utilisation of resources. This MoU will also allow Norinco to get PBIT’s help in acquiring over 50 acres of land close to the existing industrial hub.
