Pakistan and China, on Tuesday, signed eight Memorandums of Understanding (MoUs) worth $100 million for mutual investment in seafood, agriculture, steel, and pharmaceutical sectors.
Around 14 private companies from both sides signed the MoUs for mutual investment and joint ventures to expedite the trade and business between the two countries. The signing ceremony of Pak-China Trade Cooperation Projects was organized by Trade Development Authority of Pakistan (TDAP) and Ministry of Commerce China.
Addressing the occasion, Economic and Commercial Counselor of the Chinese Embassy, Mr. Wang Zhihua said that the Chinese Embassy welcomes mutual investment and joint ventures between private companies of both sides, encouraging the private sector to go for further investment in both countries.
He said that Pakistan is a friendly country and we believe in peaceful co-existence and cooperation, adding that since the diplomatic relations improved between Pakistan and China, the cooperation between both sides has increased in defense, technology, agriculture, leather, and chemical sectors.
In recent years, the China Pakistan Economic Corridor (CPEC) under the ‘One Belt One Road’ initiative has caused the relations between the two countries to reach new heights.
He said that the leaders of both sides prioritize better economic and trade relations. He said that China is working on around forty projects in different sectors including infrastructure, energy and transport where huge employment opportunity is available for local people in Pakistan.
Wang Zhihua informed that trade between China and Pakistan has increased in last five years besides an increase in bilateral cooperation in Agriculture, mineral, chemical, and steel production.
He said that Pakistan and China are negotiating the Phase -II of Free Trade Agreement (FTA) to increase trade and provide free trade opportunity in their markets. He said that Pakistan has a huge potential market for international investors and its strategic location gives more comparative advantages to other trading partners.
Addressing the occasion, Additional Secretary Ministry of Commerce and Textile, Syed Tariq Huda said that Chinese investment in Pakistan has a positive impact on the local market of Pakistan.
He said that the ‘One Belt and One Road’ initiative also gives a vision for inclusion and welfare in all regions. He added,
We have a $60 billion Chinese investment in CPEC which includes development projects in Gwadar and also the Free Trade Agreement (FTA) for increasing trade and economic relations between China and Pakistan.
On the occasion, Director General Department of Foreign Trade and Ministry of Commerce China, Mr. Liu Changyu welcomed the MoUs signed by the private sectors of both sides and said that both of the countries need to further increase mutual trade for exploiting the economic and trade potential that they have.