MoUs signed for $10bn Chinese investment

Pakis­tan and China have signed several memoranda of understanding (MoUs) for a hefty investment of $10 billion in four major export-oriented sectors signifying a robust commitment to the country’s economic growth. The joint ventures (JVs) are aimed at establishing industries in key sectors including textiles, agriculture, food, and car spare parts manufacturing, Caretaker Commerce Minister Gohar Ejaz told Dawn on Saturday. The MoUs were signed between the private sectors of the two countries. For boosting exports to China, Pakistan is set to despatch its first shipment of fresh chillies from Karachi on coming Tuesday, according to the minister. This follows a protocol signed last October in response to China’s annual chilli import bill of $10bn. Pakistan plans to export chillies in three forms: fresh, paste, and powder. Additionally, a protocol has been signed to export halal meat to China. In the coming weeks, Pakistan will commence shipments of boiled meat to China shortly, according to Mr Gohar.