A memorandum of understanding (MoU) has been signed between the Punjab government and Chinese cement company Yantai Baoqiao Jinhong for the establishment of a cement plant, according to reports by the Business Recorder (Pakistan).

Under the agreement, Yantai Baoqiao Jinhong is to establish the plant in Salt Range, Punjab province, involving an investment of US$350m. 

Punjab Chief Minister Shahbaz Sharif was the chief guest at Tuesday's ceremony, where the documents were signed by Dr Arshad Mahmood, Secretary Mineral Development and Li Baolu, chairman of Yantai Baoqiao Jinhong.