Chinese company to invest $2mln

LAHORE: Guangzhou Rongsheng Chemical Trade Co Ltd, one of the China’s largest fragrance material and perfume maker, has announced to invest $2 million in chemical sectors to tap the potential of direct foreign investment avenues in Pakistan, a statement said.

In this regard, Ivan Jiang, the chairman the company, signed a memorandum of understanding with Mian Kashif Ashfaq, chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC).

Jiang talking to media after signing the agreement said legal framework in Pakistan was sound and comprehensive and the government had already played a good role to provide business-friendly environment and security to Chinese investors.

He said they were an international chemicals supplier and the company and wanted to explore business and investment opportunities in Pakistan, which had become an important investment destination for the Chinese businessmen and entrepreneurs after the launch of China Pakistan Economic Corridor (CPEC).