Pakistan, China to boost cooperation in agri, IT, SEZs, minerals

Prime Minister Shehbaz Sharif has identified agriculture, information technology, special economic zones (SEZs), and mines and minerals as crucial sectors for enhancing bilateral cooperation with China. During his four-day official visit, Sharif addressed the Pakistan-China Business-to-Business Investment Conference in Hangzhou, outlining a vision for increased trade and investment.

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We will be able to produce agricultural products as per your requirements.

Sharif emphasized Pakistan's agricultural potential, noting that while China imports $100 billion worth of agricultural products annually, Pakistan's share is minimal. He proposed leveraging Chinese expertise in advanced training, high-quality seeds, and mechanization to significantly improve per-acre yields. The prime minister expressed confidence that by working together, Pakistan could meet China's agricultural product requirements, creating "massive" job opportunities and fostering "hundreds of thousands" of small and medium-scale entrepreneurs. He projected a potential increase in agricultural product trade to China by $10 billion within five to seven years, deeming the target achievable with Chinese support.

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In the next five to seven years, we expect that we can increase our agricultural product trade to China by about $10bn. And this is not a big task. It can be done, it is possible, not difficult at all, but we need your support.

Turning to special economic zones, Sharif highlighted Karachi's 6,000-acre SEZ, promising "red carpet treatment" and "very attractive terms and conditions" for Chinese investors. He envisioned a world-class SEZ that could be replicated elsewhere in Pakistan. Sharif also pointed to China's rising labor costs as an opportunity for joint ventures, particularly in sectors like textiles and leather, where goods could be produced for export to third countries, creating a "win-win" scenario.

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You will be offered a red carpet treatment.

"We will be able to produce agricultural products as per your requirements," Sharif stated, underscoring the potential for value addition and export growth. He invited Chinese entrepreneurs to visit Karachi's export zone, assuring them of a warm welcome and hospitality. The prime minister's visit aims to solidify economic ties and attract Chinese investment into Pakistan's key growth sectors.

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This will be … a roaring success in times to come, whether it’s textile or leather or other areas.