Pakistan, China sign 8 MoUs worth $100 million for investment

ISLAMABAD: Pakistan and China here on Tuesday signed 8 Memorandum of Understandings (MoUs) worth $100 million for mutual investment in Seafood, Agriculture, Steel and Pharmaceutical sectors.

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.

Addressing on the occasion, Economic and Commercial Counselor of China Embassy, Wang Zhihua said that Chinese Embassy welcome the mutual investment and joint ventures between the private investor companies of both side encourage private sectors to go for more investment in both countries.

He said "Pakistan is friend country and we believe on peaceful co-existence and cooperation for shared property," adding that since the diplomatic relations start between Pakistan and China, the cooperation between both sides has increased in defence, technology, agriculture, leather and chemicals.

In recent years, the China Pakistan Economic Corridor (CPEC) under ''One belt one road'' has given new height to mutual relations and cooperation between both friend countries.

He said that the leadership of both sides give prime importance to economic and trade relation which need to be increased.

He said that Pakistan and China are negotiating on phase -II of Free Trade Agreement (FTA) to increase trade and providing free trade opportunity their markets.

Addressing on the occasion, Additional Secretary ministry of Commerce and Textile, Syed Tariq Huda said that Chinese investment in Pakistan give positive impact to local market of Pakistan.

He said that ''One Belt and One Road'' initiative also gives vision for inclusions and welfare all region.

“We have $ 60 billion Chinese investment in CPEC which includes development projects in Gwadar and also discussing Free Trade Agreement (FTA) for increasing trade and economic relations between China and Pakistan.