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China, Pakistan establish joint ventures

Pakistan and China are to invest $200 million each as paid up capital of a joint venture that will promote cooperation between private sectors.

world Updated: Jul 22, 2007 13:05 IST

Pakistan and China are to invest $200 million each as paid up capital of a joint venture that will promote cooperation between private sectors as well as investments, housing finance, banking and infrastructure.

The Pakistan China Joint Investment Company (PCJIC) was established in Islamabad on Saturday as part of the joint enterprise, which will become operational in August, the Daily Times said.

Salman Shah, adviser to Prime Minister Shaukat Aziz, would be the first chairman of PCJIC while M Akram Malik, secretary in the economic affairs division, has been nominated as director.

The Chinese side has nominated Chen Jianbo from the China Development Bank as managing director and vice chairman of the company and Xia Qiang as director.