Pakistan and China have signed business agreements and investment understandings worth more than $13 billion during a Pakistan–China B2B Investment Conference in Hangzhou, according to Deputy Prime Minister and Foreign Minister Senator Ishaq Dar.
He said economic diplomacy has now become the “axis” of Pakistan’s foreign policy as both countries mark the 75th anniversary of diplomatic relations.
Speaking at the conference, Ishaq Dar said the longstanding relationship between Pakistan and China—often described as a “steel brotherhood”—has grown stronger over time despite regional and global challenges.
He said both countries are now deepening cooperation beyond government-to-government ties into a broader business-to-business (B2B) partnership.
Dar added that Pakistan remains committed to expanding trade, investment, and industrial cooperation with China.
Over 300 MoUs and dozens of joint ventures signed
According to a Foreign Office statement, more than:
- 300 Memorandums of Understanding (MoUs)
- Around three dozen Joint Ventures (JVs)
- Total value exceeding $13 billion
have been signed so far through a series of B2B conferences held in Pakistan and China.
Officials said this marks the fifth conference in the ongoing sector-focused engagement initiative.
Key focus sectors: IT, energy, and agriculture
The Hangzhou conference focused on key sectors including:
- Information Technology and Telecom
- Battery Energy Storage Systems (BESS)
- Agriculture and industrial development
Officials said these areas are central to Pakistan’s economic reform and growth strategy.
Pakistan open for investment, Says Dar
Addressing investors, Ishaq Dar said Pakistan is “completely open for business” and undergoing structural reforms aimed at economic stability and growth.
He said the Ministry of Foreign Affairs has redefined its traditional role and is now prioritizing economic diplomacy as a core policy direction.
Dar pointed to several recent developments, including:
- Establishment of the IBI Pakistan Digital Economy Headquarters in Islamabad
- Over $1 billion in agreements signed with IBI-linked delegations
- A joint venture between Pakistan’s Service Group and China’s Long March Tires, projected to become a $1 billion company listed on the Pakistan Stock Exchange within five years
High-level participation from both countries
The conference was attended by senior Pakistani and Chinese officials, including:
- Prime Minister Shehbaz Sharif
- Zhejiang Province Governor Liu Ji
- Federal ministers and industry representatives
- Pakistan’s Ambassador to China Khalil Hashmi
- Business leaders from both countries
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