The MoUs were signed at the ‘Business Roundtable Conference’ held at the Pakistan Embassy in Beijing, as per Dawn.
The agreements, focused on textile, technology, agriculture, and livestock sectors, were finalised at the ‘Business Roundtable Conference.’
At the conference, as many as 25 major Chinese companies expressed their deep interest in investing heavily in Pakistan, including agriculture, automobiles, electrical alliances, pharmaceuticals, logistics, medical equipment, and technology companies.
Federal Minister for Board of Investment, Privatisation, and Communications Abdul Aleem Khan presided over this conference at the Pakistani Embassy in China.
Country Director of Hong Kong Business Group Anna Su, Mayor of Daming County, Li Shuang, Chief Advisor Qin Linzheng, Deputy Mayor Sun Deshi, Group President of Lianghao, Li Hui, Qin Linz Heng and Ambassador of Pakistan to China Khalil Hashmi addressed the conference, as per ARY News.Mewnwhile, the International Monetary Fund (IMF) has approved a new $7bn loan for cash-strapped Pakistan.Pakistan PM Shebaz Sharif Sharif, on the sidelines of the United Nations General Assembly said that the country had fulfilled all of IMF’s lender’s conditions, with help from China and Saudi Arabia, Al Jazeera reported.
Earlier this month, Pakistan’s external debt stood at more than USD 130 billion, with nearly 30 per cent owed to China, its closest ally and a perceived rival to the Western bloc, the news outlet reported adding that The country is due to repay almost USD 90 billion over the next three years, with the next major payment due by December.
Currently, the country is the IMF’s fifth-largest debtor, owing USD 6.28 billion as of July 11, according to the lender’s data.
In the month of June, Chinese President Xi Jinping met with Pakistan PM who is on a official visit to China, at the Great Hall of the People in Beijing.
The Pakistan PM and Chinese president holded discussions to upgrade China-Pakistan Economic Corridor.
“China stands ready to work with Pakistan to firmly support each other, strengthen the bond of cooperation, deepen strategic coordination, accelerate the building of an even closer China-Pakistan community with a shared future in the new era, and make greater contributions to regional peace, stability, development and prosperity,” Chinese embassy said in official statment after the meet.
“China is ready to synergize the high-quality Belt and Road cooperation with Pakistan’s development plans, carry out cooperation in agriculture, mining, public wellbeing and other areas in accordance with local conditions, and jointly develop five major corridors for growth, better life, innovation, green development and openness, with focus on building an upgraded version of the China-Pakistan Economic Corridor (CPEC), so as to promote deeper and more substantive progress in the high-quality cooperation on CPEC and help boost Pakistan’s economic and social development,” the statment added.
After the visit, Sharif addressed the media in Lahore in which he talked about his letter to Beijing asking for a debt re-profiling, he stated that the government would be able to lower inflation, particularly the price of energy if China consented to allow Pakistan five to seven years to repay the debts.
However, on being asked if he had received any response so far, the Prime Minister said: “No… [our request] is under consideration,” adding that we hope for a positive response from China in this regard.” (ANI)