Chinese, Pakistani firms sign agreements worth $400 million at CIFTIS

China Economic Net

Beijing: International Innovation Park Limited EPZ and China National Cereals, Oils and Foodstuffs (COFCO) this week signed an agreement to cooperate in the agriculture sector worth more than $380 million on Saturday at the China International Fair for Trade in Services (CIFTIS) in Beijing.

Pakistan’s Ambassador to China, Khalil Hashmi, Ghulam Qadir Trade and Investment Counselor, and representatives from the firms witnessed the ceremony.

Khalil said on the occasion that “it is a milestone for Pakistan because Chinese companies are working with Pakistani firms to develop their products in Pakistan.” He added, “When it comes to market access, Pakistan has preferential trade agreements with major global economies, including the European Union, the United Kingdom, and China through CPFTA. This allows many Pakistani products to enter these markets duty-free. To further support investors, we have established the Special Investment Facilitation Council, which provides a range of incentives and tax breaks within our Special Economic Zones (SEZs), Export Processing Zones (EPZs), and Special Technology Zones (STZs)”.

Jai Kumar, Chairman of International Innovation Park Limited EPZ, told China Economic Net (CEN), “this agreement is a game changer in the agricultural sector of the country, we can improve quality we can improve production capacity, and can build a strong storage system for food security.”

Liu Zhai, Sr. Vice President of IBI and CEO Toodudu, and Naveed Asghar, Chairman and CEO of Waetz Asia signed a memorandum of understaning (MoU) to enhance cooperation in the textile sector, which will focus on digital transformation and supply chain optimization for 200 textile factories in Pakistan.