Pakistan and China moved closer on economic cooperation after companies from both countries signed agreements and memorandums of understanding worth more than $7 billion during the Pakistan-China Business-to-Business Investment Conference held in Hangzhou.
During the event, Prime Minister Shehbaz Sharif encouraged Chinese businesses to expand operations in Pakistan through industrial relocation and partnerships with local companies. He said Pakistan offers investor-friendly policies and believes joint ventures could benefit both countries.
The conference mainly focused on sectors including information technology, telecommunications, agriculture and energy storage systems.
The prime minister highlighted that increasing labour costs in China have created opportunities for industries to shift production to Pakistan and export products to international markets.
He also invited Chinese investors to explore Pakistan’s industrial zones, mentioning plans for a special economic zone spread across more than 6,000 acres with modern infrastructure and facilities designed for businesses.
Separate meetings were held with executives from major Chinese companies to discuss renewable energy, electric vehicle charging systems, battery technology, pharmaceutical manufacturing and healthcare investment.
Discussions also included expanding industrial operations and establishing manufacturing units in Pakistan.
The prime minister stressed that Pakistan has strong potential in agriculture, minerals, gemstones and technology sectors.
He noted that improving farming methods and increasing exports could significantly strengthen agricultural trade between Pakistan and China in the coming years.
Among the major agreements signed was a $1.12 billion deal involving fertilizer production. Additional investments focused on agricultural machinery and chemical manufacturing.
Officials said previous Pakistan-China investment conferences had already produced hundreds of agreements, with several turning into active projects, showing growing economic cooperation between the two countries.