ISLAMABAD :  Prime Minister Muhammad Shehbaz Sharif has directed the immediate transformation of Memorandums of Understanding (MoUs) signed during the recent Pak-China Business-to-Business Conference in Hangzhou into formal agreements and joint ventures.

Chairing a high-level review meeting in Islamabad on Monday, the Prime Minister emphasised the need for prompt follow-up on the outcomes of his recent visit to China to translate the agreements into tangible economic benefits for Pakistan, according to Radio Pakistan

Sharif described the sharp rise in private sector engagements between Pakistan and China as the beginning of a new era of robust economic partnership.

He stated that enhanced industrial, agricultural, and technical cooperation with China would significantly boost Pakistan’s exports and generate fresh employment opportunities.

The Prime Minister particularly stressed the operationalisation of cooperation between the Chinese Academy of Agricultural Sciences and the Pakistan Agricultural Research Council.

He expressed confidence that joint ventures, agricultural research, and the adoption of modern Chinese technology could revolutionise Pakistan’s agriculture sector.

It was briefed to the meeting that 123 Pakistani and 436 Chinese companies participated in the B2B Conference held on 24 May in Hangzhou, resulting in the signing of 207 MoUs valued at approximately $7.54b.

The agreements cover key areas including battery energy storage systems, artificial intelligence, mobile phones and handheld devices, fertilisers, seeds, advanced irrigation equipment, fisheries, food processing, biotechnology, and vaccine manufacturing.

The Prime Minister decided to personally chair monthly review meetings to closely monitor progress on the implementation of these agreements.