Ittehad Chemicals to invest $40m for state-of-the-art production unit
LAHORE – Punjab Board of Investment and Trade and Ittehad Chemicals Limited have signed a memorandum of understanding (MoU) to establish state-of-the-art facility, valued at $40 million, as Punjab continues to boost its economy by attracting investors globally.
The establishment of this facility for the production of vaccine is expected to boost Punjab’s status internationally on the level of manufacturing chemicals. According to the MoU, PBIT and ICL will work together for greater efficiency, common objectives and willingness to prosper.
Jahanzeb Burana, CEO Punjab Board of Investment & Trade, and Waqas Khatri, Executive Director, Ittehad Chemicals Limited, signed the MoU at office of PBIT. “Punjab Board of Investment and Trade with its mandate, is working proficiently to encourage investment projects to the potential investors worldwide and facilitate them in all possible ways,” Jahanzeb said on the occasion of signing of MoU. PBIT has played a vital role in assisting joint ventures with local companies and facilitating ties between various entities, he further added.
According to the MoU, both organizations intend to share quality and consistent information and the data essential to serve investors, enabling to address the needs of the people whom they serve.
ICL desires to establish facility for the manufacturing of vaccine against foot and mouth disease with an investment size of $40 million. Punjab Board of Investment &Trade assured them provision of absolute facilitation in order to acquire land in Special Economic Zone (SEZ). CEO PBIT affirmed the Executive Director of Ittehad Chemicals of the one window facility significantly reducing their time to market products by streamlining procedures and institutional processes through proactive policy advocacy within the government and linking ICL to other concerned departments as per the requirements of the project.
Ittehad Chemicals Limited is the pioneer and one of the largest manufacturers of industrial chemicals in Pakistan and serves as a catalyst to deliver sustainable chemical products to its customers thus optimizing returns for investors.