Chinese company Hunan Yatai Ceramics has decided to establish a ceramics plant worth US $70 million at the upcoming Allama Iqbal Industrial City, a project of the Faisalabad Industrial Estate Development and Management Company (FIEDMC). Last year the company had acquired 100 acres of land in the industrial hub, which is connected with ports through a network of motorways being completed under the China-Pakistan Economic Corridor (CPEC).
The Chinese industrial group already enjoys its presence in 50 countries. The group plans to import machinery from China and aims to complete work by March 2020.
Ma Yun Wei, Chairman Hunan Yatai Company Ltd, and Mian Muhammad Kashif Ashfaq, Chairman FIEDMC, signed on behalf of their respective companies at a simple ceremony. Chief Operating Officer FIEDMC Aamir Saleemi was also present on the occasion.
Pakistan imports ceramics from different countries, which is expected to come down after the Chinese unit starts running.
According to sources, the Chinese company is planning to produce all varieties of tiles – be it for washrooms, for kitchens and for outdoors – to cater to all segments of the market. The company has also planned to set up retail shops in various cities.