Pakistan, China 'set to ink' over $5 billion worth of agreements during PM Shehbaz’s visit

Pakistan and China are preparing to sign agreements and memorandums of understanding (MoUs) worth more than $5 billion during Prime Minister Shehbaz Sharif’s upcoming visit to Beijing, ARY News reported on Wednesday, citing sources 

According to officials, Prime Minister Shehbaz Sharif is scheduled to undertake a high-level visit to China from 24 to 26 May, during which over 100 agreements and MoUs are expected to be signed between the two countries.

Sources stated that preparations for new business-to-business (B2B) investments between Pakistan and China have entered the final stages. Nearly 90 per cent of the agreements are expected to be B2B in nature, while the remaining 10 per cent will involve government-to-business cooperation.

During the visit, Prime Minister Shehbaz Sharif is also expected to hold meetings with the Chinese President and Premier. Discussions will reportedly include the prevailing regional security situation and broader bilateral cooperation.

The agreements are likely to cover a wide range of sectors, including agriculture, poultry, dairy farming, and fruit and vegetable processing. Additional MoUs are expected in the fields of animal vaccines, fisheries, cold chain logistics, fertilisers, seed production, and agricultural chemicals, the sources added.

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Sources further revealed that several agreements related to information technology, fintech, e-commerce, cloud computing, and telecommunications are also expected to be signed during the visit.

The two sides are additionally considering joint industrial production initiatives, including the manufacturing of mobile phones and laptop batteries.

MoUs concerning the production of electric vehicle (EV) parts and EV charging and storage infrastructure are also expected to form part of the visit’s agenda.

Meanwhile, Prime Minister Shehbaz Sharif has constituted a high-level committee under the chairmanship of Special Assistant Haroon Akhtar Khan to oversee progress on the proposed agreements.

The committee will conduct weekly reviews regarding the implementation and progress of all MoUs signed with China. All relevant ministries and divisions have reportedly been directed to keep the high-powered committee informed about developments and any issues related to implementation.