Chinese and Pakistani companies on Saturday signed Memorandum of Understandings (MoUs) worth $250 million in the medical equipment and surgical instrument sector, reported the Associated Press of Pakistan (APP).
As per the report, the MoUs were signed at the China-Pakistan B2B matchmaking conference held in Beijing.
APP, citing China Economic Net (CEN), informed that Silk Road Assistance Industrial Internet Platform (SRAIIP), a provider of advisory services for companies to do cross-border businesses, entered into agreements with Pakistan’s dental and surgical instrument manufacturer Sawuat, and Chinese pharmaceutical company UPH Biopharma.
“This collaboration aims to steer more Chinese companies to engage in trade and set up joint ventures in Pakistan in the medical instrument sector,” read the report.
Sunny Yang, Chief Technology Officer of SRAIIP, said that Pakistan’s large market, tax incentives, and standards consistent with Europe give it a competitive edge in capturing international investment.
“Its medical industry can be further advanced in collaboration with China. For example, while it excels in equipment and instruments, there is significant room for improvement in areas like image documentation.
By joining forces, Chinese technology can help Pakistan build its brand and climb the global value chain,“ he remarked.
The development comes at a time when the government seeks avenues to increase Pakistan’s export base.
Under the newly launched Uraan Pakistan programme, the government targets to increase the country’s exports to $60 billion in the next five years.
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“Pakistan boasts abundant raw material resources and a large labour force. With significant strengths in medical consumables, such as surgical instruments, the demand for high-value medical products continues to rise,” said Zhou Hui, Chairman of the China Chamber of Commerce for Import and Export of Medicines and Health Products.
“Pakistani enterprises seeking cooperation with China should stay updated on China’s regulations concerning medical devices and drugs. The Chamber will continue offering consulting services to support the entry of Pakistani medical products into the Chinese market,” he added.
Pakistan and China are key strategic partners, last week, the two countries reaffirmed their commitment to the high-quality development of CPEC 2.0 with its emphasis on industrialisation and Special Economic Zones (SEZs), as well as, clean energy, agriculture and livelihood projects.
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