Chinese firm to establish US $40mln tapes manufacturing unit in Sindh

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KARACHI, Aug 17 (APP): The Chinese and Pakistani companies signed
an agreement to establish packing, scotch and Bopp Film tapes manufacturing unit on 10 acres area with the investment of US $40 million at the Bin Qasim National Industrial Park here.

The signing ceremony was held at the office of Sindh Board of
Investment (SBI), said a statement on Tuesday.

Managing Director of Gettle Group China, Fang Wen Bin and
Managing Director of Easytapes, Imran Iqbal signed the Memorandum of Understanding (MoU), on behalf of their respective companies.

Addressing on the occasion, Chairperson SBI, Ms. Naheed Memon said
the MoU will help create more employment opportunities and bring latest technologies to Pakistan.

She said that the policy of tax exemption for 10 years to
investors in the Special Economic zones and exemption in excise duty on import of machinery, has been adopted.

Ms. Naheed Memon also expressed hope that the unit will start
work within a year.