LAHORE–Punjab and the Chinese province Shandong today signed two agreements to promote trade ties through enhanced mutual visits of the businessmen on both sides and to help Punjab in transport sector.

In the presence of Chief Minister Punjab Muhammad Shehbaz Sharif and Vice Governor Shandong province Xia Geng, six Memoranda of Understanding were also singed under which the Chinese Shandong Yangtai Paper Mills will set up a paper mill in Pakistan, Jin Fang Cotton Technology will set up feeding and slaughtering processing centre in Punjab, Jinan Sinox International will provide heavy fuel oil treatment and emulsification technology for better treatment of environment, Shandong Provincial Association will establish investment promotion service, Qingdao Hengxing University will held exchange students programmes and INSPURE will provide cooperation in HPC and cloud solutions.

Both provinces agreed to form a combined working group to increase cooperation in different sectors including energy, industrial parks, textile, infrastructure, water treatment, and others.

Chinese Consul General Yu Boren was also present on the occasion.

Speaking to the ceremony Shehbaz Sharif appreciated the cooperation Shandong is already extending to Punjab in energy sector particularly in setting up 1320mw coal based power plant in Saniwal which was fast under completion. He also lauded the commitment shown by the Chinese leadership to see Pakistan a developed and progressing state. In this course, he said, CPEC stands apart to speak for the Chinese commitment and its exuberance to put Pakistan on the road to economic progress. He also asked the Pakistani businessmen to take advantage of the opportunity to trade with the businessmen of Shandong which was third largest contributor to the Chinese economy with export ratio of $240billion per annum.