BEIJING: International Innovation Park Limited EPZ and China National Cereals, Oils and Foodstuffs Corporation (COFCO) have signed a significant agreement to collaborate in the agriculture sector, with a deal valued at over $380 million. The signing took place at the prestigious China International Fair for Trade in Services (CIFTIS) in Beijing on Saturday, strengthening bilateral trade and cooperation.
The agreement was witnessed by Pakistan’s Ambassador to China, Khalil Hashmi, Trade and Investment Counsellor Ghulam Qadir, and company representatives. Ambassador Hashmi called the deal a “milestone for Pakistan,” as it fosters collaboration between Chinese and Pakistani firms to enhance product development within Pakistan. He emphasized Pakistan’s preferential trade agreements with major global markets like the European Union, the United Kingdom, and China through the China-Pakistan Free Trade Agreement (CPFTA), which enables duty-free access for many Pakistani products.
In a separate development, Liu Zhai, Senior Vice President of IBI and CEO of Toodudu, signed a Memorandum of Understanding (MoU) with Naveed Asghar, Chairman and CEO of Waetz Asia, to enhance cooperation in the textile sector. The agreement will focus on the digital transformation and optimization of supply chains for 200 textile factories in Pakistan.
The CIFTIS event has also played a crucial role in promoting financial cooperation. Shaikh Muhammad Shariq, Vice President of the National Bank of Pakistan (NBP) and Chief Representative in China, highlighted how the platform is enabling collaboration between Chinese banks and global financial institutions. Addressing a seminar on “Investment in Pakistan,” Shariq praised CIFTIS for facilitating discussions that could drive future financial partnerships.
“CIFTIS provides a unique avenue for NBP to explore collaborative ventures that can promote mutual growth and stability in the global financial landscape,” he remarked. With a total asset base of $23.6 billion, NBP remains Pakistan’s largest capitalized bank, holding net assets worth $1.36 billion.
CIFTIS 2024, taking place from September 12-16, has Shougang as the main venue for financial institutions to showcase their services. Federal Minister for Commerce, Jam Kamal Khan, also underscored the deep strategic ties between Pakistan and China, often referred to as “iron brothers.” He acknowledged the significant progress achieved through initiatives like the China-Pakistan Economic Corridor (CPEC) and CPFTA but stressed the untapped potential that remains for future economic collaboration.
Khan delivered a virtual keynote address at the Pakistan Investment Conference held during the CIFTIS, reiterating the importance of the ongoing strategic partnership between the two nations.
