Pakistan and China signed three Memorandums of Understanding (MoUs) worth approximately $250 million at the China-Pakistan business-to-business matchmaking conference held in Beijing on January 17, focusing on the medical equipment and surgical instruments sector.
Silk Road Assistance Industrial Internet Platform, a firm offering advisory services for cross-border business operations, signed agreements with Pakistan’s dental and surgical instrument manufacturer Sawuat and China’s pharmaceutical company UPH Biopharma.
The partnership seeks to encourage increased participation from Chinese companies in trade and the establishment of joint ventures in Pakistan’s medical instrument sector.
Pakistan’s expansive market, tax benefits, and alignment with European standards provide a significant advantage in attracting international investments, Sunny Yang, Chief Technology Officer of the platform told China Economic Net.
“Its medical industry can be further advanced in collaboration with China. For example, while it excels in equipment and instruments, there is significant room for improvement in areas like image documentation. By joining forces, Chinese technology can help Pakistan build its own brand and climb the global value chain,” said Yang.
Pakistan, with its strategic geographic location linking Central Asia and the Middle East, offers attractive opportunities for international companies, Ambassador of Pakistan to China Khalil Hashmi said in his keynote address. Pakistan, home to the world’s fifth-largest medical manufacturing hub in Sialkot, and exports over 80% of its domestic production. Its low production costs and access to inexpensive medical raw materials and primary products further enhance its appeal.
“Pakistan boasts abundant raw material resources and a large labor force. With significant strengths in medical consumables, such as surgical instruments, the demand for high-value medical products continues to rise,” Zhou Hui, Chairman of the China Chamber of Commerce for Import and Export of Medicines and Health Products, said.
Zhou advised that Pakistani businesses looking to collaborate with China should remain informed about China’s regulations on medical devices and pharmaceuticals. The Chamber will continue to provide consulting services to assist Pakistani medical products in entering the Chinese market.
Dr. Muhammad Shahbaz, President of the China-Pakistan Medical Association, revealed plans to establish a China-Pakistan Friendship Hospital in Islamabad and a joint medical technology park in Pakistan. During the conference, his association signed an agreement with a technology firm from Hangzhou, China, covering medical equipment trade, joint ventures, and technology transfer.
The conference, organized by the Pakistani Embassy in China, drew over 120 companies from both nations. It marked the conclusion of the first series of seven B2B events following the visit of Pakistan’s Prime Minister to China last June. Additional seven roadshows are reportedly in the pipeline, starting next month, focusing on 14 priority sectors and offering more opportunities for collaboration between businesses in both countries.