LAHORE - Punjab Industrial Estates and a Chinese organisation Asia International Development have inked a letter of understanding to set up a special economic zone besides large industrial City in Punjab. The Chief Minister Punjab Mian Muhammad Shahbaz Sharif, his special Advisor Haroon Khawaja were also present on the occasion. The Memorandum of Understanding was signed by Chairman PIE Mr SM Tanveer and Secretary Industries Rao Manzar Hayat on behalf of Punjab Industrial Estates Development and Management Company and Yan Li Chairman Asia Development Limited and Nasir Ali Shah Bukhari of KASB group on the behalf of Asia International Development Ltd. According to the MoU, the government of Punjab would collaborate with Asia international and KASB for establishment and development of a large industrial City in Punjab. The possibilities will be reviewed by government of the Punjab to acquire various sites including those in the periphery of motorway. Its has also been decided to establish a working group comprising representatives of both the organization namely Mr. George Zhou of Boards of directors of AID limited, Mr. Jiang Jin Chief Planner of AID, Mr. Farid Masood CEO KASB Securities, Secretary Industries Mr. Rao Manzar Hayat, Chairman PIE, Mr. SM. Tanveer and Zafar uddin Mahmood CEO Punjab China bureau to deliberate upon the modalities including location, size of the industrial city, shareholding structure and financing options. The Chinese industrial group Chairman Yan Li Disclosed that his organization will first stage for this mega project.