LAHORE: Punjab Chief Minister Maryam Nawaz's recent visit to China has been hailed as a major success, with Chinese companies pledging over 13 billion rupees (around $50 million) in investments for the province.

The visit marked a significant milestone in Punjab's economic development and international partnerships. During an investment conference in China, several agreements were made between Chinese companies and the Punjab government in key sectors such as IT, environment, and green energy.

One of the major highlights of the visit was the announcement by Gobi Partners, a Chinese investment firm, which revealed plans to establish a $50 million investment fund in Punjab. The fund, valued at approximately 13.88 billion rupees, aims to promote startups and SMEs in the region.

An important memorandum of understanding (MoU) was also signed between Solar N Plus and the Punjab government to advance solar technology. Meanwhile, Gobi Partners and the Bank of Punjab agreed to a partnership focused on boosting financial systems for startups and small businesses. The agreements are intended to provide financial assistance to businesses through loans, equity investments, financial solutions, and mentoring programmes.

According to the announcement, Gobi Fund will play a pivotal role in strengthening businesses in Punjab, ensuring sustainable development, and positioning the province as a regional leader in technology and entrepreneurship. The conference also shed light on Punjab's competitive economic incentives, such as tax exemptions and special industrial zones, making the province an attractive investment destination.

Additionally, the Punjab government engaged in discussions with Chinese companies to foster long-term, sustainable partnerships. As part of these talks, Chinese companies agreed to collaborate on the development of advanced solar energy projects in Punjab, contributing to the province's green energy goals.Solar N Plus will focus on establishing a centre in Punjab to introduce cutting-edge solar technology and enhance local capacity in renewable energy sectors.

Published in The Daily National Courier, December, 16 2024

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.