MoUs worth $100m signed for investment in Pakistan

ISLAMABAD: Pakistan and China have signed eight Memorandum of Understandings (MoUs) worth 100 million dollars for mutual investment in seafood, agriculture, steel and pharmaceutical sectors.

Around fourteen private companies from both sides signed MoUs for mutual investment and joint ventures to expedite trade and business between the two countries.

Addressing on the occasion, Economic and Commercial Counselor of China Embassy, Wang Zhihua said Pakistan is a friendly country and we believe in peaceful con-existence and cooperation for shared property.

The counselor said the China Pakistan Economic Corridor (CPEC) under ‘One belt one road’ has taken mutual relations and cooperation between both friendly countries to new heights.

Wang Zhihua said Pakistan and China are negotiating phase -II of Free Trade Agreement (FTA) to increase trade and providing free trade opportunity in their markets.

He said that Pakistan has huge potential market for international investors and its strategic location gives more comparative advantages to other trading partners.

Addressing on the occasion, Additional Secretary Ministry of Commerce and Textile, Syed Tariq Huda said Chinese investment in Pakistan give positive impact to local market of Pakistan.

He said that ‘One Belt and One Road’ initiative also gives vision for inclusions and welfare of all region.