ISLAMABAD: Pakistani and Chinese companies signed cooperation agreements and memorandums of understanding worth $1.22 billion during Prime Minister Shehbaz Sharif’s visit to China, the information ministry said on Monday. Pakistan is seeking new Chinese investment in manufacturing, energy and technology sectors.
The deals were announced as Pakistan works to attract fresh foreign investment and stabilize its economy under a $7 billion International Monetary Fund (IMF) bailout program. The government is also trying to expand economic ties with China beyond infrastructure and power projects under the China-Pakistan Economic Corridor (CPEC), launched in 2015.
Officials said the next phase of cooperation will focus on industrial development, manufacturing, agriculture, technology transfer and export-oriented investment.
“Prime Minister Muhammad Shehbaz Sharif and Zhejiang Province Governor Liu Jie witnessed the signing of MoUs worth USD 1.22 billion at the Pakistan-China Business Conference in Hangzhou,” the information ministry said.
Sharif arrived in China on Saturday for a four-day visit aimed at strengthening economic and technological cooperation. The visit marks 75 years of diplomatic relations between the two countries.
During meetings with Chinese business leaders, Sharif invited companies to invest in Pakistan’s renewable energy, electric vehicle and smart mobility sectors, according to his office.
Discussions focused on renewable energy systems, energy storage, EV charging infrastructure, pharmaceutical manufacturing and solar technologies.
China remains Pakistan’s largest bilateral investor. It has already pledged over $65 billion in projects under CPEC, part of Beijing’s Belt and Road Initiative.
Pakistan is positioning itself as a regional trade and manufacturing hub linking China, Central Asia, the Middle East and the Arabian Sea. It is also offering Chinese firms low-cost industrial opportunities.
At the Hangzhou investment conference, Sharif said Pakistan aimed to boost agricultural trade with China by $10 billion over the next five to seven years.
He said the target was achievable with Chinese support.
Sharif also said Pakistan sent 1,000 agricultural graduates to China last year for training in modern farming and food security.
The Beijing leg of the visit is expected to focus on industrial cooperation, regional security and strategic coordination between the two countries.
