At the China International Fair for Trade in Services (CIFTIS) in Beijing, a significant $382 million agricultural cooperation agreement was signed between International Innovation Park Limited EPZ and China National Cereals, Oils and Foodstuffs (COFCO). This landmark deal is set to enhance agricultural trade and collaboration between Pakistan and China, offering new growth opportunities for both nations.
Boosting Pakistan’s Agricultural Exports
Pakistan’s Ambassador to China, Khalil Hashmi, expressed his enthusiasm for the agreement, emphasizing Pakistan’s growing trade relations with global economies, especially under the China-Pakistan Free Trade Agreement (CPFTA). He highlighted that this partnership has the potential to expand Pakistan’s agricultural exports, contributing significantly to the country’s economic growth.
Advancements in Digital Transformation for Textiles
In addition to the agricultural agreement, a Memorandum of Understanding (MoU) was signed by Liu Zhai and Naveed Asghar to promote digital transformation in Pakistan’s textile industry. This collaboration aims to introduce advanced technologies, boosting efficiency and productivity within the sector, which is a cornerstone of Pakistan’s economy.
Financial Collaboration Through CIFTIS
Shaikh Muhammad Shariq from the National Bank of Pakistan (NBP) also spoke on the significance of CIFTIS as a platform for international financial cooperation. He highlighted how the event brings together global financial leaders, fostering economic collaboration and opening doors to new opportunities.
Strategic Partnership Between Pakistan and China
Federal Minister Jam Kamal Khan reiterated the importance of Pakistan’s strategic partnership with China. He noted that both countries continue to work closely on various joint ventures, driving mutual economic development across key sectors like agriculture, textiles, and finance. Events like CIFTIS further solidify these ties, playing a pivotal role in promoting shared progress.
This partnership between Pakistan and China marks another milestone in their ongoing collaboration, reinforcing their commitment to innovation, economic growth, and long-term cooperation.