BEIJING: At the China International Fair for Trade in Services (CIFTIS) in Beijing on Saturday, International Innovation Park Limited EPZ and China National Cereals, Oils, and Foodstuffs (COFCO) inked a $380 million cooperation agreement to work together in the agriculture industry.

The ceremony was seen by Ghulam Qadir, Trade and Investment Counsellor, Pakistan’s Ambassador to China, Khalil Hashmi, and representatives from the companies. Khalil stated that “it is a milestone for Pakistan because Chinese companies are working with Pakistani firms to develop their products in Pakistan.” “Pakistan has preferential trade agreements with major global economies, including the European Union, the United Kingdom, and China through CPFTA,” he continued, speaking of market access. This permits the duty-free entry of numerous Pakistani goods into these markets.”

A Memorandum of Understanding (MoU) was signed by Naveed Asghar, Chairman and CEO of Waetz Asia, and Liu Zhai, Senior Vice President of IBI and CEO of Toodudu, to strengthen cooperation in the textile industry. The MoU will centre on digital transformation and supply chain optimisation for 200 textile factories in Pakistan.

Furthermore, the CIFTIS has become an essential forum for improved financial collaboration between Chinese banks and their foreign counterparts, as stated on Friday by Shaikh Muhammad Shariq, Chief Representative in China and Vice President of the National Bank of Pakistan (NBP). Speaking at a lecture called “Investment in Pakistan,”

Shaikh Shariq stated that this year’s expo fosters real collaborations and conversations targeted at fortifying global financial ties, especially for NBP, in addition to showcasing innovative financial services.

“As the NBP seeks to navigate an increasingly interconnected world, CIFTIS offers a unique opportunity to explore collaborative ventures that can drive mutual growth and stability in the financial sector,” he stated.

He said that NBP is the most capitalised bank in Pakistan with $382.8 billion ($1.36 billion) in net assets, making up 14% of all industry assets with a total asset base of $6.7 trillion ($23.6 billion).

It should be mentioned that the primary location for financial institutions to showcase their offerings during CIFTIS 2024—which takes place from September 12–16—is Shougang.

On Saturday, Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, again underlined the strategic alliance between China and Pakistan, which is known as the “iron brothers.” “While our economic partnership has grown significantly, particularly through initiatives like the China-Pakistan Economic Corridor (CPEC) and the China-Pakistan Free Trade Agreement (CPFTA), there is still vast untapped potential,” he said.

Additionally, he gave a virtual keynote speech at the CIFTIS-hosted Pakistan Investment Conference.