Prime Minister Muhammad Shehbaz Sharif has directed that the Memorandums of Understanding (MoUs) signed during the B2B Conference in Hangzhou be immediately transformed into formal agreements and joint ventures.
He issued these directives while chairing a review meeting in Islamabad on Monday regarding the agreements and MoUs signed during his recent visit to China.
The Prime Minister said promoting industrial, agricultural and technical cooperation with China will enhance Pakistan’s exports and create new employment opportunities.
He said the unprecedented increase in business engagements between the private sectors of Pakistan and China is the beginning of a new era of economic partnership between the two countries.
The Prime Minister directed for operationalizing the cooperation agreed upon between the Chinese Academy of Agricultural Sciences and the Pakistan Agricultural Research Council.
He said Pakistan’s agriculture sector can be revolutionized through Pak-China joint ventures, agricultural research and modern technology.
One hundred and twenty-three Pakistani and 436 Chinese companies participated in the Pak-China B2B Conference held on 24th of last month in Hangzhou where 207 MoUs worth approximately 7.54 billion dollars were signed.
It was briefed in the meeting that the MoUs were signed in the fields of battery energy storage systems, artificial intelligence (AI) and mobile phones and handheld devices.
Memorandums of Understanding were also signed for extensive cooperation in the fields of fertilizers, seeds, advanced irrigation equipment, fisheries and food processing.
It was briefed that MoUs were also signed for joint investment in advanced industrial sectors including biotechnology and vaccine manufacturing.
The Prime Minister also decided to personally chair monthly review meetings to monitor progress on the outcomes of the B2B Conference.
