A framework agreement of joint venture for manufacturing of world class buses in Pakistan was signed in Chengdu between the Commerce and Sourcing House Holdings (CASH) of Pakistan and Chengdu Bus Co. Ltd., a State-owned Chinese Company.
The agreement was signed by the President of CASH Chico J. Ullah and President of Chengdu Bus Co. Ltd. Wang Rongkun at the Pakistan Consulate in Chengdu.
Speaking on the occasion, Consul General Muhammad Mudassir Tipu hailed the signing of the Framework Agreement as an important step in bringing a world class bus manufacturer to Pakistan to meet the large demand for both highway and city buses. He termed the agreement as an important step in promoting collaboration in transportation sector of Pakistan and China.
Both the parties conveyed their commitment in jointly developing Pakistani market for both mid-size and large buses and jointly invest in setting-up a manufacturing plant in Pakistan.
According to the signatories of the agreement, the total amount of investment is expected to exceed $10 million and plant will be set-up in Lahore.
CASH is a Pakistani holding and investment group company that covers a wide range of industries including automobile, pet feed, and smart manufacturing. Chengdu Bus Co. Ltd. manufactures and supplies buses for local and long distance transportation in Chengdu and surrounding areas catering to a population of more than 20 million.
from The News