As to the latest news reports, China-based Shandong Xinxu Group Corporation was planning to build an industrial park in Pakistan to boost its manufacturing sector.

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A meeting was held between Hou Jianxin [Chairman of Shandong Xinxu Group Corporation] and Syed Naveed Qamar [Minister of Commerce of Pakistan]. Mr Hou Jianxin said the group will invest in technology transfer from China to Pakistan in the coming months.

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As per the updates, the industry will be formed under an intergovernmental agreement between the Pakistani government and China’s Shandong Province. He mentioned this industrial park will serve as a hub to address the industrial needs of China and Pakistan. This industrial park will serve as a focal point. He added that the initiative would boost Pakistan’s export economy while improving local job prospects.

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It is significant to note that the China-Pakistan Economic Corridor (CPEC) project has reached the second stage. The development of the country’s agricultural sector and industrial base is the main focus of the second phase. China will help Pakistan receive equipment and technology for this purpose.

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