Pakistani and Chinese companies signed 13 Memorandums of Understanding (MoUs) worth $250 million on November 26 to enhance joint ventures and investments in the animal fodder and fruits and vegetables processing sectors.
The signing took place at the conclusion of a Business-to-Business (B2B) Matchmaking Meeting in Beijing.
Strengthening economic ties
The Pakistan Embassy in Beijing, in collaboration with the Board of Investment (BOI), hosted the event as the third in a series of sector-specific matchmaking initiatives aimed at strengthening economic ties with China.
Over 150 meetings, including 30 virtual engagements, facilitated direct connections between companies from both sides. The event provided a platform for networking, individual B2B discussions, and presentations on investment opportunities.
Ambassador Khalil Hashmi, who witnessed the MoU signings, highlighted the strategic importance of agriculture and food processing sectors in Pakistan-China trade relations.
“This initiative underscores Pakistan’s commitment to fostering long-term partnerships and exploring opportunities for direct engagement in priority sectors,” he stated.
He further emphasized Pakistan’s position as a major producer of fruits, vegetables, and animal products, noting its vast agricultural potential and investor-friendly policies. These include 100% foreign equity ownership, zero tariffs on plant and machinery imports, and profit repatriation facilities.
Ambassador Hashmi pointed out the impressive growth in Pakistan’s animal fodder industry, with a 12% increase in maize production from 2017 to 2022, and the poultry feed market now valued at $2 billion. He also lauded the fruits and vegetables processing sector for contributing to value-added manufacturing, citing Pakistan’s vibrant export portfolio of juices, jams, and pickled foods.
Expanding opportunities in agriculture
Mayor Liu Jianjun of Weifang, Shandong Province, attended the event, underscoring the agricultural collaboration between Pakistan and Weifang.
He praised the Embassy’s efforts in promoting meaningful engagements and strengthening ties in agriculture and food processing. Similarly, Mr. Wang Qihui, Deputy Director-General of MOFCOM’s Asian Affairs Department, commended the initiative for building trust and expanding entrepreneurial cooperation.
The matchmaking event followed Prime Minister Shehbaz Sharif’s recent visit to China, part of a broader agenda to sustain collaboration in various sectors. Upcoming events will focus on textiles, surgical instruments, and plastics in December 2024 and January 2025, further enhancing Pakistan-China trade partnerships.