Pakistan & China Sign $250M MoUs for Medical Sector Growth

Islamabad, Jan 18 (PTI) Pakistani and Chinese companies have signed pacts worth around USD 250 million to boost trade in the medical and surgical sector, according to media reports on Saturday.

The Memoranda of Understanding (MoUs) were signed at the China-Pakistan B2B conference in the medical equipment and surgical instrument sector in Beijing on Friday, reported Radio Pakistan.

“This collaboration aims to steer more Chinese companies to engage in trade and set up joint ventures in Pakistan in the medical instrument sector,” the report stated.

The Associated Press of Pakistan (APP) reported that Pakistan's embassy in Beijing confirmed the signing of three MoUs during the conference.

The embassy said it hosted, in collaboration with the Board of Investment (BOI), the sixth moot in a series of sector-specific B2B matchmaking meetings focused on investment partnerships between Pakistan and China in the medical sector.

“Over 80 Chinese companies and associations and more than 20 Pakistani companies participated both in person and online,” it noted.

APP, quoting China Economic Net (CEN), said that the Silk Road Assistance Industrial Internet Platform — a provider of advisory services for companies to do cross-border businesses — signed MoUs with Pakistan's dental and surgical instrument manufacturer Sawuat, as well as Chinese pharmaceutical company UPH Biopharma.

On the occasion, Pakistan's ambassador to China Khalil Hashmi highlighted the growing potential of the medical industry in Pakistan, saying it was valued at over USD 600 million.

He announced the holding of the fourth three-day Health, Engineering, and Minerals Show in Lahore on April 17.

Friday's conference marked the conclusion of the first series of seven B2B events held since Prime Minister Shehbaz Sharif's visit to China last June. Another seven roadshows were in the pipeline and were expected to roll out from next month, the report added.

During PM Shehbaz's visit, 32 MoUs were agreed upon to promote trade and investment between the neighbours.