China Ink Mou with Pakistan Firms Focusing on diverse sectors

Chinese firms have signed numerous Memorandums of Understanding (MoUs) with Pakistani companies. The agreements were finalized during the seminar 'Business Roundtable Conference' hosted at the Pakistan Embassy in Beijing, according to sources.

The deals, centered on textile, technology, agriculture, and livestock industries, were concluded during the ‘Business Roundtable Conference. During the conference, up to 25 prominent Chinese firms showed strong enthusiasm in making significant investments in Pakistan, spanning across various sectors such as agriculture, automobiles, electrical partnerships, pharmaceuticals, logistics, medical devices, and technology.

Abdul Aleem Khan, the Federal Minister for Board of Investment, Privatisation, and Communications, chaired the conference held at the Pakistani Embassy in China. According to sources, Anna Su, the Country Director of Hong Kong Business Group, Li Shuang, the Mayor of Daming County, Qin Linzheng, the Chief Advisor, Sun Deshi, the Deputy Mayor, Li Hui, the Group President of Lianghao, and Khalil Hashmi, the Ambassador of Pakistan to China, all spoke at the conference.

At the same time, the IMF has given the green light for a fresh $7bn loan to financially struggling Pakistan. While attending the United Nations General Assembly, Pakistan's Prime Minister Shebaz Sharif stated that the country had met all the requirements set by the IMF's creditors, with support from China and Saudi Arabia.

Pakistan currently has over $130 billion in external debt, with around 30% of it owed to China, its closest ally and seen as a rival to the Western bloc. The country is scheduled to pay back nearly $90 billion in the next three years, with a significant payment due in December.