Beijing: Zang Shilu, GM ZHENBANG, Chinese agrochemical giant, plans to invest Rs 700 million in Pakistan’s agrochemical industry to establish a local plant in Allama Iqbal Special Economic Zone Faisalabad. This major investment is planned under the second phase of the CPEC – China Pakistan Economic Corridor.
According to the China Economic Net, ZHENGBANG has been planning this agrochemical project since October 2020 which has now been approved by the Pakistan board of investment in March 2021. This agrochemical project will surely bring huge international focus on Pakistan’s agriculture sector and will also bring national-level employment opportunities.
ZHENGBANG plans to establish the agrochemical plant over 10.93 acres which are expected to be fully functional till June 2022. In their initial phase, the agrochemical giant plans to manufacture 100 agrochemicals solutions including nutrients herbicides fungicides water-soluble fertilizers, powdered fertilizers hand plant growth regulators, etc. for major crops, rice, wheat, maize, cotton, and sugarcane, fruits, and vegetables of Pakistan.
The major focus of this fertilizer production plant will be on functionally water-soluble fertilizers e.g., NPK, zinc, humic acid, and amino acid. These functionally water-soluble fertilizers will help the farmers to overcome chronic soil problems and break the soil’s hardpan and its saline-alkali composition.
Moreover, the agrochemical giant is also planning to establish a research and development sector in this fertilizer plant. The giant is highly motivated that this R&D sector will help them achieve a long-term operation and provide employment opportunities to native scholars and researchers.
They are also planning to recruit Pakistani talent and collaborate with national agriculture institutes and universities to offer customized crop solutions for better and improved agricultural output. This collaboration will help both the countries to share their knowledge and germplasm to develop better performing crop varieties to combat global food insecurity.
Furthermore, it is expected that this giant will create more than 500 employment opportunities in its first phase and will contribute RS 50 million annual tax to the local government. These both figures will play an important role in developing an economically stable state and lifting the employment rate.
ZHENGBANG has been working in Punjab Pakistan since January 2020 and playing a significant appreciable role in importing and selling pesticides and fertilizers in the local agrochemical market.
ZHENGBANG is an official subsidiary of Chinese leading crop protection giant Zhangbang agrochemical group. This agrochemical giant has successfully set up its 20 subsidiaries in the belt and road countries so far and Pakistan is among them.