Lahore - In order to strengthen economic ties between Punjab and Shandong province of China, the Punjab Board of Investment and Trade (PBIT) organised on Thursday Punjab Shandong Business Seminar.

It merits mention here that Shandong is the most affluent province of China, with the GDP of $967 billion.

The province hosts global enterprises like Panasonic, LG, Volvo and Sanyo and is also a home to companies like Haier, Hisense and Sinopec. Punjab Chief Minister Muhammad Shahbaz Sharif and Vice Governor Shandong Xia Geng attended the seminar.

Speaking on the occasion, Shahbaz said, “While our bilateral relations at the government to government level have been exemplary, it is high time that we created conditions for our businessmen, entrepreneurs and investors to increase their level of engagement.”

The vice governor on the occasion said, “Pak-China relationship has gone beyond economic ties. We have deep rooted cultural ties, and due to ongoing interaction, our friendship is deepening with the passage of time.”

PBIT Chairman Abdul Basit said, “Pakistan deeply values its close fraternal and strategic relationship with China. Both countries can take legitimate pride in their enduring ties, based on a host of shared economic and strategic interests.”

On behalf of their governments, Shahbaz and Xia Geng signed an agreement for establishing friendly province relationship.

An agreement was also signed on the occasion for setting up various Special Economic Zones across Punjab, in collaboration with China.

Six Memoranda of Agreement were also signed. Shandong Yongtai Paper Mill Co Ltd & Roshan Packages (Pvt) Ltd signed a MoU for setting up a paper mill in Punjab. Another MoU was signed between Jinan Sinox International Co Ltd and Reshma Power Generation (Pvt) Ltd to provide heavy fuel oil treatment and Emulsification Technology Services for a better environment.

Shandong Provincial Enterprises also signed a MoU with Foreign Investment & WOW Solutions (Pvt) Ltd for establishing Investment Promotion Service Cooperation.