Optima Integration Group of China and Asia Pak Investments of Pakistan agreed on May 23 to invest $50 million in the first stage to enhance agriculture, power, and logistics sector in Gwadar and Karachi.

The Board of Investment (BoI) facilitated the signing of a memorandum of understanding (MoU) in this respect between the two businesses, which may result in the creation of more than 100 job vacancies in Gwadar and Karachi, as well as the establishment of a high-tech processing facility and technology transition.

The event was attended by Federal Minister Board of Investment Chaudhry Salik Hussain, who signed the MoU with Optima Integration Group Chairman Sam Siu and Chief Executive Officer of Sino Pak Optima Technologies (SPOT) in the spirit of strengthening business-to-business (B2B) agricultural collaboration among the two nations. Ms Fareena Mazhar, Secretary of the BoI, was also present at the occasion.

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Under the terms of the agreement, the two parties would establish an end-to-end supplier base for seafood [79 breeds of fish have been certified for exporting from Pakistan to China by the General Administration of Customs of the People’s Republic of China (GACC)].

In the long term, the initiative would grow from fish to beef and goat, beginning with cold chain transporting beef and then expanding with Chinese standard breeding, feedlot operations, immunizations, track and trace technologies, and slaughter and pack facilities in Karachi.

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Addressing the gathering, Minister Chaudhry Salik Hussain praised the Chinese government’s involvement in Pakistan’s agriculture and livestock sectors, notably the fish and seafood business.

He briefed the attendees regarding the formation of the Pakistan-China Business and Investment Forum (PCBIF), which was the outcome of a collaboration between the BoI, the Chinese Embassy, and the All-Pakistan Chinese Enterprises’ Association (APCEA). He informed Chinese investors that the BoI would take deliberate steps to assist interested investors.