Pakistan, China boost trade with $8.5b B2B agreements
Pakistan and China have signed Memoranda of Understanding and Joint Ventures worth $8.5 billion to expand B2B collaboration in agriculture, health, trade, industry, and mining.
Speaking at the signing ceremony in Beijing, Prime Minister Shehbaz Sharif described the agreements as the “long march of economic development” between the two countries, starting from Beijing and concluding in Islamabad. He noted this march would transform Pakistan by attracting billions in investment, generating millions of jobs, and strengthening the national economy.
P.c. China Pakistan Economic Corridor
Shehbaz Sharif highlighted that CPEC 2.0 would primarily focus on agriculture, calling it the backbone of Pakistan’s economy, with 60% contribution to the GDP. He praised China’s expertise in agriculture and encouraged Chinese companies to share their experience and investments in Pakistan, ensuring a win-win partnership with opportunities for exports to China.
He also stressed the importance of cooperation in Information Technology and Artificial Intelligence, areas where China is globally recognized as a leader. In addition, mining and minerals were identified as another potential sector for mutual development.
The Prime Minister underlined the significance of Special Economic Zones (SEZs) under CPEC 2.0, offering Chinese industries the opportunity to relocate to Pakistan and benefit from a cost-effective, skilled workforce. He assured full security for Chinese nationals working in Pakistan and lauded President Xi Jinping’s vision for economic progress and prosperity.