Pakistan, Chinese Firms Sign Over $7 Billion Deals

Pakistani and Chinese companies signed agreements worth more than $7 billion during the Pakistan-China B2B Investment Conference in Hangzhou, China. Prime Minister Shehbaz Sharif urged Chinese firms to relocate industries to Pakistan, citing rising labor costs in China and offering investor-friendly policies to support joint ventures and manufacturing for third-country exports. The conference focused on sectors like information technology, telecom, battery energy storage systems, and agriculture. Sharif highlighted opportunities in Karachi’s export zone, mining, minerals, and agriculture, aiming to raise Pakistan’s agricultural exports to China by up to $10 billion over five to seven years through productivity improvements and mechanization. A $1.12 billion agreement was signed between Haolu Engineering and Fauji Fertilizer for fertilizer production, while IBI Beijing United Information Technology and RIC signed a $100 million MOU for agrochemicals, agricultural machinery, and a regional office in Multan. Over 200 MOUs worth more than $20 billion have been signed across five Pakistan-China business conferences. Sharif also met executives from Chinese firms like CATL, StarCharge, and Xiuzheng Pharmaceutical Group to discuss investment and manufacturing expansions. In Hangzhou, a long-term cooperation agreement was signed with Alibaba, covering cloud computing, AI, trade facilitation, healthcare, and agriculture. The prime minister concluded his visit by traveling to Beijing, where he chaired the opening ceremony of the third Pakistan-China B2B Investment Conference and held meetings with Chinese company leaders.