Pakistan, China Sign Over $7 Billion Investment Deals
News Desk
Hangzhou: Pakistan and China signed agreements and memorandums of understanding (MoUs) worth more than $7 billion during Prime Minister Shehbaz Sharif’s official visit to China, aimed at enhancing bilateral investment and cooperation across multiple sectors.
Addressing the Pakistan-China Business-to-Business Investment Conference in Hangzhou on Sunday, the prime minister invited Chinese investors to invest in Pakistan’s agriculture, information technology, mining, minerals and special economic zones (SEZs).
He said Pakistan needed investment, expertise and joint development rather than loans and aid, stressing the importance of transforming signed MoUs into practical and operational projects.
“We will provide world-class facilities, one-window operations and long-term leased land to investors in the Special Economic Zone (SEZ) established in Karachi,” the prime minister said.
PM Shehbaz Sharif noted that more than 200 MoUs worth over $20 billion had been signed during five Pakistan-China business conferences so far, adding that nearly 30 percent of them had already been converted into operational agreements.
Among the major deals signed during the conference was a $1.12 billion agreement between Haolu Engineering and Technology Company Limited and Fauji Fertilizer Company for fertilizer production.
Another $100 million MoU was signed between IBI Beijing United Information Technology Company and RIC for agrochemicals, agricultural machinery and the establishment of a regional office in Multan.
The prime minister said China imports nearly $100 billion worth of agricultural products annually, but Pakistan’s share remains limited. He expressed confidence that Pakistan could increase agricultural exports to China to $10 billion within five to seven years through modern farming techniques, mechanization and improved seeds.
Highlighting Pakistan’s youth potential in information technology and artificial intelligence, Shehbaz Sharif said Chinese investment in SEZs would prove beneficial for both countries.
He also invited Chinese firms to relocate industries to Pakistan, establish joint ventures and export Pakistan-manufactured products to international markets.
Praising Chinese President Xi Jinping, the prime minister described him as a visionary leader who transformed China into a global economic and military power. He reiterated that Pakistan-China friendship was “deeper than the sea and higher than the Himalayas.”
Federal Minister for IT Shaza Fatima Khawaja said during the conference that CPEC 2.0 was evolving beyond infrastructure into a “Digital Silk Route,” encompassing fiber optics, artificial intelligence, semiconductors, e-commerce and broader IT cooperation.
The conference was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers, investors, business leaders and representatives from Pakistani and Chinese companies.
PM Visits Alibaba Headquarters
Prime Minister Shehbaz Sharif also visited the headquarters of Alibaba Group in Hangzhou, where he was received by Chairman Joe Tsai.
During the meeting, Alibaba leadership appreciated Pakistan’s efforts in promoting regional peace and acknowledged the government’s commitment to digital transformation, innovation and foreign investment.
The prime minister highlighted Pakistan’s potential in digital economy, e-commerce, artificial intelligence, fintech, cloud computing and entrepreneurship, while reaffirming the government’s focus on youth empowerment through technology and skills development.
Several strategic agreements and MoUs were signed between Alibaba Group and Pakistani public and private sector entities during the visit to promote Pakistan’s technological advancement and digital transformation.
On the prime minister’s initiative, Alibaba Group agreed to sign a comprehensive strategic framework agreement with the Government of Pakistan aimed at accelerating cooperation in artificial intelligence, cloud solutions, digital commerce, fintech, SMEs and healthcare.
The prime minister described the agreement as a major milestone in strengthening Pakistan-China economic and technological cooperation.
Under one of the key agreements, Pakistan’s Ignite and Alibaba Cloud will jointly develop local AI models for Urdu and regional languages and launch a nationwide skills development programme for 500,000 people.
