Pakistan and China have solidified their commitment to economic growth through the signing of several memoranda of understanding (MoUs) totaling $10 billion. These agreements focus on joint ventures in key export-oriented sectors, including textiles, agriculture, food, and car spare parts manufacturing. Caretaker Commerce Minister Gohar Ejaz emphasized that these MoUs, signed between the private sectors of both countries, aim to establish industries that will contribute significantly to Pakistan’s economic development.
Pakistan and China Forge $10 Billion Investment Commitment through Strategic MoUs in Key Export Sectors
To boost exports to China, Pakistan is preparing to send its first shipment of fresh chillies from Karachi, responding to China’s annual chilli import bill of $10 billion. The country plans to export chillies in various forms, including fresh, paste, and powder. Additionally, a protocol has been established for the export of halal meat to China, with shipments of boiled meat expected to commence shortly. The Chinese government has agreed to provide preferential access to Pakistani agricultural products, with a list of eligible products under the free trade agreement being finalized in consultation with stakeholders.
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The China Chamber of Commerce for Import and Export of Textiles (CCCT) has expressed support for increased textile imports from Pakistan. The commerce ministry aims to shift 10% of CCCT’s imports, contributing to an overall rise in textile exports to China, which currently stand at $320 billion. Further plans include a visit to China by the commerce minister for discussions with Chinese investors, who are scheduled to visit Pakistan in February to finalize their investment plans in special economic zones.
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The proposed joint ventures, marked by complete Chinese investment, offer opportunities for value addition to exports, and exporters may benefit from duty-free access to European markets under the Generalised System of Preferences Plus scheme. Additionally, a protocol has been signed for cultivating peanuts across 10,000 acres of the Cholistan desert exclusively for export purposes.
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