MoU signed for Pak, China Sost Dry Port
February 24, 2007
ISLAMABAD: Pakistan and China have decided to set up a joint venture company “Pak China Sost Dry Port Pvt. Ltd.” for amicable handling of all affairs pertaining to business and management of Sost Dry Port.
The company will be registered in Northern Areas; Chairman Sinortans China Yuan Jianmin and Vice Chairman Saleem Khan in the presence of Federal Minister signed a Memorandum of Understanding (MoU) in this connection here Friday for Kashmir Affairs and Northern Areas, Maj. (R) Tahir Iqbal.
Earlier the Minister chaired a high-level meeting to discuss and resolve issues related with Sost Dry Port which was attended by the Chinese Embassy and Director China M/o Foreign Affairs.
The Minister said the Account management and administration of SDP would be jointly controlled by Pakistani and Chinese side and a balance will be attained in the number of officials from the two sides.
It was also decided that 4th Board meeting will be held on March 6,which will be chaired by the Minister and new board will be formulated for a tenure of 3 years, which will then not he changed unnecessarily. The board members will be nominated/terminated according to the laid down procedures, which will be similar for both sides.
The Minister said that loans taken separately by the Chinese Company and the “Silk Route Dry Port Trust” will not be a liability of the joint company and will be the own responsibility of these companies.
The company will be registered in Northern Areas; Chairman Sinortans China Yuan Jianmin and Vice Chairman Saleem Khan in the presence of Federal Minister signed a Memorandum of Understanding (MoU) in this connection here Friday for Kashmir Affairs and Northern Areas, Maj. (R) Tahir Iqbal.
Earlier the Minister chaired a high-level meeting to discuss and resolve issues related with Sost Dry Port which was attended by the Chinese Embassy and Director China M/o Foreign Affairs.
The Minister said the Account management and administration of SDP would be jointly controlled by Pakistani and Chinese side and a balance will be attained in the number of officials from the two sides.
It was also decided that 4th Board meeting will be held on March 6,which will be chaired by the Minister and new board will be formulated for a tenure of 3 years, which will then not he changed unnecessarily. The board members will be nominated/terminated according to the laid down procedures, which will be similar for both sides.
The Minister said that loans taken separately by the Chinese Company and the “Silk Route Dry Port Trust” will not be a liability of the joint company and will be the own responsibility of these companies.
