BEIJING: To further deepen cooperation in agriculture sector, Pakistani and Chinese enterprises have signed joint ventures (JVs) worth $601.25 million during the 2nd Pakistan-China B2B Investment Conference, held in Beijing on September 4 during the Prime Minister Shehbaz Sharif’s visit to China.
Among the key agreements, Hitech Technological Concern of Pakistan partnered with Weichai Lovol Intelligent Agricultural Technology Co. of China to establish a major JV valued at $500 million, focusing on modernizing agricultural machinery and promoting smart farming solutions.
Similarly, IMGC signed a JV with Zhongzhihui Agriculture Development worth $100 million, aimed at boosting crop development and facilitating technology transfer, China Economic Net reported on Wednesday.
Meanwhile, Buraq Tractors joined hands with Xinyukun (Chongqing) Industry and Trade Co., Ltd., with an agreement worth $1.25 million to enhance localized tractor manufacturing and after-sales services in Pakistan.
The agricultural JVs signed at the conference underline the strategic importance of agriculture in Pakistan-China economic cooperation, as the sector continues to play a pivotal role in ensuring food security, rural development, and sustainable growth.
Overall, agriculture emerged as one of the main focus areas of the 2nd B2B Conference, with total commitments in the sector reaching $660.975 million. Officials noted that these agreements will not only boost bilateral trade but also bring in advanced technology, increased capital investment, and new job opportunities for Pakistan’s agriculture sector. –Agencies
