ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif, Monday, said that the extraordinary increase in business engagements between the private sectors of Pakistan and China heralded a new era in economic partnership between the two countries.
He emphasised that enhanced industrial, agricultural and technological cooperation with China would boost Pakistan’s exports and create new employment opportunities.
The prime minister chaired a review meeting to assess progress on the agreements and MoUs signed in the Pakistan-China Business-to-Business (B2B) conference held during his recent visit to China, PM Office Media Wing said in a press release.
In the meeting, he directed the relevant authorities to ensure that the Memorandums of Understanding (MoUs) signed during the B2B conference in Hangzhou should be transformed swiftly into formal agreements and joint ventures.
The meeting was attended by Ministers Rana Tanvir Hussain, Ahsan Iqbal, Ahad Khan Cheema and Shaza Fatima Khawaja along with other senior government officials.
The prime minister also decided to personally chair monthly review meetings to monitor progress on the outcomes of the B2B conference. He further instructed that cooperation between the China Academy of Agricultural Sciences and Pakistan Agricultural Research Council (PARC) must be effectively implemented.
He observed that agricultural research, modern technology, and Pakistan-China joint ventures could bring about a revolutionary transformation in country’s agriculture sector.
During the briefing, participants were informed that a total of 123 Pakistani companies and 436 Chinese companies attended the Pakistan-China B2B conference held in Hangzhou on May 24 in which 207 MoUs worth approximately US$7.54 billion were signed.
Those MoUs were signed in several key sectors, including battery energy storage systems, artificial intelligence (AI), mobile phones, and hand held devices. Significant agreements were also reached in the areas of fertilizers, seeds, modern irrigation equipment, fisheries, and food processing, it was told.
Additionally, MoUs were signed to promote joint investment in advanced industrial sectors, including biotechnology and vaccine manufacturing. Meanwhile, Prime Minister Muhammad Shehbaz Sharif said that the country’s economy had stabilised through continuous and strenuous hard work while further efforts were afoot for accelerated economic growth.
The prime minister expressed these views during a consultative meeting held with a delegation of senior leadership from different Chambers of Commerce and Industry that called on him.
The prime minister mentioned that additional measures would be taken in the upcoming budget to boost industrial development and production. “Our mission is export-based economic development and we will ensure the completion of this mission through collective efforts,” he added.
The prime minister directed the Federal Board of Revenue (FBR) to resolve all pending tax refund cases by June 15. The advisory meeting was attended by the presidents and senior leadership of the FPCCI, Karachi, Lahore, Rawalpindi, Islamabad, Khyber Pakhtunkhwa, Quetta, Gujrat, Gujranwala, and Sialkot chambers. Federal Ministers Rana Tanvir Hussain, Muhammad Aurangzeb, Attaullah Tarar, Ali Pervez Malik, Owais Ahmed Khan Leghari, Minister of State for Finance Bilal Azhar Kiani, Governor State Bank Jameel Ahmad, Chairman FBR and senior government officials also attended the meeting, PM Office Media Wing said in a press release.
The delegation presented proposals regarding the upcoming budget and the overall economic development of the country to the prime minister.
Despite the recent increase in the policy rate, the interest rate for the export refinance scheme would remain capped at 4.5 percent until June 2027, the prime minister said and appreciated banks’ decision to facilitate exporters. He also instructed to move the central office of Pakistan Revenue Automation Limited (PRAL) to Karachi for the convenience of the business community.
In response to requests from overseas Pakistanis and the business community, the prime minister directed the establishment of a passport office in Gujrat.
He also highlighted that the provision of reforms and facilities for the development of the SME sector was a vital part of their economic agenda.
The prime minister encouraged local production of electric vehicles through joint ventures by Pakistani investors. Delegation members praised the efforts of the prime minister, Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, and Chief of Army Staff and Chief of Defense Forces Field Marshal Syed Asim Munir in promoting peace amid tensions in the Gulf region.
The business community across the country expressed its support for the government’s initiatives aimed at economic development and jobs creation.
The delegation welcomed the launch of a loan scheme under ‘Wazir-e-Azam Apna Ghar Programme’ for the underprivileged and middle class on easy terms.
They also thanked the prime minister for reforms in the Export Development Fund Board, successful privatisation of PIA, digitisation of the FBR, and e-invoicing initiatives.
Members of the delegation expressed their commitment to assisting the government in bringing the grey economy into the formal economy through digitisation and other reforms.
Meanwhile, members of the National Assembly (MNAs) Malik Afzal Khokhar and Chaudhry Iftikhar Nazir, Monday, called on Prime Minister Muhammad Shehbaz Sharif. In separate meetings, both MNAs briefed the prime minister over the issues related to their respective constituencies, PM Office Media Wing said in a press release.
Minister for Public Affairs Unit Rana Mubashir Iqbal was also present during the meetings. They also briefed the prime minister about the progress on the ongoing welfare projects in their constituencies. The political affairs of the relevant constituencies also came under discussion.
