Pakistan and China sign 8 MoUs worth $100 million for investment
Investment in Pakistan: China and Pakistan here on Tuesday signed 8 Memorandum of Understandings (MoUs).
The worth of these MoUs is $100 million for mutual investment in Seafood, Agriculture, Steel and Pharmaceutical sectors.
How many companies involved?
Around 14 private companies from both sides signed 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.
Economic and Commercial Counselor of China Embassy, Wang Zhihua said that Chinese Embassy welcomes the mutual investment.
He said that the joint ventures between private companies of both sides, encouraging the private sector to go for further investment in both countries.
Pakistan is a friendly country and we believe on peaceful co-existence and cooperation for the shared property.
Since the diplomatic relations start between Pakistan and China, the cooperation between both sides has increased in defense, technology, agriculture, leather, and chemicals.
More on investments and CPEC
In recent years, the China Pakistan Economic Corridor (CPEC) under the ‘One Belt One Road’ initiative has caused the relations between the two countries.
Wang Zhihua said that Pakistan and China are negotiating on phase-II of Free Agreement (FTA) to increase trade and providing free trade opportunity in the market.
He said that Pakistan has a huge potential market its international investors and its strategic location gives more comparative advantages to the trading partners.
The leadership of both sides gives prime importance to economic and trade relationship which need to be increased.
Wang Zhihua informed that trade between China and Pakistan has increased in last five years. China is working on around 40 projects in different sectors.
Addressing on the occasion, Additional Secretary Ministry of Commerce and Textile, Syed Tariq Huda said
“Chinese investment in Pakistan has a positive impact on the local market of Pakistan.”
He said ‘One Belt and One Road’ initiative also gives a vision for inclusion and welfare in all regions.
We have a $60 billion Chinese investment in CPEC which includes development projects in Gwadar and also the Free Trade Agreement (FTA) for increasing the economic relations between China and Pakistan.”
On the occasion, Director General Department of Foreign Trade and Ministry of Commerce China, Mr. Liu Changya welcomed the MoUs signed b the private sectors of both sides.
He said that both of the countries need to further increase mutual trade for exploiting the economic and trade potential that they have.