Pakistan, China sign 5 MoU’s

BEIJING, April 26 (APP):Pakistan and China signed five Memorandum of Understanding at the opening ceremony of 2021 Shanghai Cooperation Organization (SCO) International Investment and Trade Expo and SCO Qingdao Forum on Local Economic and Trade Cooperation opened in Qingdao on Monday.

Special Economic Zone (SEZ) ties, sister cities and bank cooperation were included.

“At the crossroads of the Middle East, Central and South Asia regions, Pakistan’s geo-economic location puts us as the economic hub for global developmental projects. The Government has incentivized industries and investment.

The rate of return in business is much higher than the global average with leading Multinational Corporations (MNCs) making higher profits than elsewhere,” Pakistan’s Ambassador to China Moin-ul-Haque said addressing the ceremony.

The MOUs were reached between China-SCO Demonstration Zone for Local Economic and Trade Cooperation in Qingdao and Gwadar Free Zone, Rashakai Special Economic Zone, and Habib Bank respectively to further enhance China-Pakistan economic and trade cooperation.

The project of Pakistan-China Center is also included in the signing MOU’s. Besides,Qingdao has been twinned with Faisalabad at the ceremony, signed by Ambassador Moin-ul-Haque, according to CEN.

At this year’s SCO Expo, various products shining Pakistani features attracted people’s attention. Rosewood furniture, fur coats, scarves, onyx and jade handicrafts, brass and bronze handicrafts, etc. are exhibited in Pakistan Pavilion.

“Pakistan shares China’s vision for an active participation in international cooperation on COVID-19, a win-win strategy for all, promotion of sustainable development, advancing science, technology and innovation, and a global order based on development partnerships, cooperation and collaboration,” Ambassador Moin-ul-Haque said, concluding his speech.