Islamabad: Prime Minister Muhammad Shehbaz Sharif has directed that the Memorandums of Understanding (MoUs) signed during the B2B Conference in Hangzhou be immediately transformed into formal agreements and joint ventures. He issued these directives while chairing a review meeting in Islamabad on Monday regarding the agreements and MoUs signed during his recent visit to China.

According to Radio Pakistan, the Prime Minister emphasized that promoting industrial, agricultural, and technical cooperation with China will enhance Pakistan's exports and create new employment opportunities. He highlighted that the unprecedented increase in business engagements between the private sectors of Pakistan and China marks the beginning of a new era of economic partnership between the two countries.

The Prime Minister directed for the operationalization of the cooperation agreed upon between the Chinese Academy of Agricultural Sciences and the Pakistan Agricultural Research Council. He stated that Pakistan's agriculture sector can be revolutionized through Pak-China joint ventures, agricultural research, and modern technology.

The Pak-China B2B Conference held on the 24th of last month in Hangzhou saw the participation of 123 Pakistani and 436 Chinese companies, with 207 MoUs worth approximately 7.54 billion dollars being signed. It was briefed in the meeting that the MoUs were signed in fields such as battery energy storage systems, artificial intelligence (AI), and mobile phones and handheld devices.

Memorandums of Understanding were also signed for extensive cooperation in sectors including fertilizers, seeds, advanced irrigation equipment, fisheries, and food processing. Additionally, MoUs were signed for joint investment in advanced industrial sectors, including biotechnology and vaccine manufacturing.

The Prime Minister also decided to personally chair monthly review meetings to monitor progress on the outcomes of the B2B Conference.