China, Pakistan firms ink deal of $12M JV for fishmeal plant
MAYCOM Group of China and Pakistan’s TECNO Group have signed a $12 million joint venture to set up a fishmeal processing plant at Gwadar Port, announced at the 2nd China-Pakistan B2B Investment Conference in Beijing. TECNO will oversee local procurement and production, while MAYCOM will provide technology and manage sales, with Phase I targeting 15,000 tons of annual output. The deal also expands bilateral trade, including Pakistani exports of sesame, peanuts, cottonseed, and minerals to China, and Chinese exports of solar panels and energy products to Pakistan.
BEIJING, Sept. 9 (APP):MAYCOM Group and Pakistan’s TECNO Group have formalized a joint venture to establish a fishmeal processing plant in Gwadar Port, with an estimated total investment of $12 million. The agreement, signed at the 2nd China-Pakistan B2B Investment Conference in Beijing, also includes bilateral trade initiatives, such as an initial procurement deal for 10,000 tons of Pakistani sesame.
Under the partnership, TECNO will hold a controlling stake in the joint venture, which also includes the third-party company CYCLON, and will oversee local resource procurement and production in Pakistan. MAYCOM will contribute technology and manage sales operations.
The fishmeal project will source sardines and other fresh fish from the Arabian Sea near Gwadar to produce feed-grade fishmeal and fish oil for aquaculture markets in southeastern China. The project is planned in two phases, with Phase I targeting an annual output of 15,000 tons and requiring a $4 million investment.
In addition to the fishmeal collaboration, the two groups agreed to expand bilateral trade by exporting Pakistani agricultural products such as sesame, peanuts, and cottonseed, along with mineral products, to China. They will also supply solar panels, energy storage systems, and other new energy products from China to Pakistan, China Economic Net reported.
MAYCOM Group, a Xinjiang-based import-export corporation operating across Central Asia and Russia, was represented at the summit by its President, Gao Zhigang. The company primarily engages in the import, processing, and trade of agricultural products, mineral resources, and energy products. TECNO Group, a major Pakistani conglomerate with interests spanning mobile phones, solar energy, auto glass, and agriculture, was represented by CEO Aamir Allawala. Both parties had conducted prior site inspections and expressed alignment on long-term trade mechanisms.
Before the summit, MAYCOM and TECNO had already established preliminary intentions for project cooperation and had jointly conducted the necessary on-site inspections and studies, according to MAYCOM.
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