Pakistan, China ink MoUs worth $250m to boost agriculture, food processing

November 26, 2024 (MLN): Pakistani and Chinese companies on Tuesday signed 13 memorandums of understanding (MoUs) valued at $250 million on fostering joint ventures and investment partnerships in the animal fodder and fruits and vegetables processing sectors. 

Pakistan Ambassador to China, Khalil Hashmi witnessed the signing ceremony held after a day-long B2B Matchmaking Meeting on Animal Fodder and Fruits and Vegetables, as APP reported. 

Pakistan Embassy Beijing, in collaboration with the Board of Investment (BOI), successfully hosted the third in a series of sector-specific B2B matchmaking meetings. 

The event focused on fostering joint ventures and investment partnerships in the animal fodder, fruits and vegetable processing sectors, featuring insightful presentations, individual B2B meetings, networking opportunities, and the signing of MoUs. 

Over 150 productive B2B meetings, including 30 virtual engagements, took place, providing a robust platform for Pakistani and Chinese companies to explore partnerships and expand trade in these priority sectors. 

Ambassador Khalil Hashmi highlighted the strong trade ties between Pakistan and China and emphasized the strategic importance of the agriculture and food processing sectors. 

He noted that the event underscored Pakistan's ongoing efforts to bolster its trade relationship with China, focusing on creating opportunities for direct connections and long-term partnerships.  

Ambassador Hashmi also underscored Pakistan's position as a leading producer of a variety of fruits, vegetables, and animal products, pointing out the country's vast agricultural resources. 

He highlighted Pakistan's investor-friendly policies, such as 100% foreign equity ownership, zero tariffs on plant and machinery imports, and profit repatriation, as compelling incentives for Chinese companies to explore joint ventures.  

Reflecting on the agriculture sector's immense potential, the Ambassador emphasized the growth of Pakistan's animal fodder industry, including a 12% surge in maize production from 2017 to 2022, and the expansion of its poultry feed market, now valued at $2 billion.

Similarly, he praised the fruits and vegetables processing sector for its contribution to value-added manufacturing, noting a substantial vegetable yield and a vibrant export portfolio including processed juices, jams, and pickled foods. 

The presence of Mayor Liu Jianjun of Weifang, Shandong Province, added further significance to the occasion.

Mayor Liu underlined the growing agricultural cooperation between Pakistan and Weifang, especially in the aftermath of Ambassador Hashmi's earlier visit to the city. 

Mayor Liu lauded the Embassy of Pakistan for their efforts in facilitating such impactful engagements and emphasized the importance of fostering deeper ties in agriculture and food processing.  

Wang Qihui, Deputy Director-General of the Department of Asian Affairs at MOFCOM, also commended the initiative and expressed confidence in the outcomes of the B2B meetings. 

He highlighted the event's role in building trust and providing a meaningful platform for Pakistani and Chinese entrepreneurs to develop their businesses further.  

Commercial Counsellor, Ghulam Qadir in his presentation highlighted investment potential in animal fodder, fruits and vegetable processing sectors in Pakistan. 

The B2B matchmaking meeting is part of a larger initiative, following Prime Minister Shehbaz Sharif's visit to China earlier this year.

Upcoming sector-specific events include focus areas such as textiles on December4-5, surgical instruments on December 20 and plastics in early January 2025.

These initiatives aim to sustain the momentum of Pakistan-China collaboration and facilitate high-impact engagements across various sectors. 

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