Daily Times

A memorandum of understanding (MoU) has been signed between Pak China Investment Company (PCICL) & China Machinery Engineering Corporation (CMEC) paving the way for collaboration & growth opportunities for the projects under development of CMEC. The MoU aims to open doors for various collaboration opportunities such as working capital facility, supply chain financing, equity investing and any other financial services required by CMEC in Pakistan.

The MoU was formalized during a ceremony in Beijing, China. Managing Director of PCICL; Mr. Hassan Raza & Vice President of CMEC; Mr. Li Kan signed the MoU on the occasion.

CMEC has solidified its position in the global market. CMEC is a renowned company and a core subsidiary of SINOMACH. Established in 1978, CMEC holds the distinction of being China’s first engineering & trade Company. Over the Past four decades, CMEC has grown internationally. The company focuses on engineering contracting and industrial development, with a comprehensive industry chain encompassing trade, design, survey research and development.

PCICL was established in 2007 with the aim of promoting trade and investment between Pakistan and China. Their wide range of financial services has been instrumental in driving growth and progress in Pakistan. The company’s objective is to finance economically viable and technically feasible projects. Over the past 15 years, PCICL has played a crucial role in the economic development of Pakistan. They actively advise and attract Chinese investment in various sectors such as infrastructure, industrial, agriculture, services, information technology and manufacturing. PCLCL has participated in several mega power projects under the CPEC through funded and non-funded facilities.

Both companies reaffirmed the time-tested and strong friendship between Pakistan and China and exchanged views on the myriad facets of bilateral engagement.

Speaking on the occasion, Mr. Raza said that signing this MoU between PCICL and CMEC aims to further enhance bilateral trade & investment between China & Pakistan. Mr. Li expressed his positive anticipations for future investment in Pakistan and it will be a great step towards enhancing economic cooperation, emphasizing the brotherly relation between two countries.

According to the MoU, both sides agreed to cooperate and establish a comprehensive cooperation model, with the objective to leverage the strengths of both parties and enhance the bilateral financial Cooperation.