KARACHI: Pakistani and Chinese companies have signed memorandums of understanding (MoUs) worth around $250 million to boost trade in the medical and surgical sector, reported Dawn.com.

Pakistan has held strong bilateral relations with China which has supported it through many investments and development projects such as the ChinaPakistan Economic Corridor project which was termed as a `lifeline` for the country`s economy.

The MoUs were signed on Saturday during a ChinaPakistan B2B matchmaking conference on the medical equipment and surgical instrument sector held in Beijing yesterday.

The Associated Press of Pakistan (APP), quoting China Economic Net (CEN), said that Silk Road Assistance IndustrialInternet 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.

According to CEN, the collaboration aims to encourage more Chinese companies to set up joint ventures in the medical instrument sector.

Pakistan`s embassy in Beijing also confirmed in a statement yesterday that three MoUs worth $250m were signed 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 companiesand associations and more than 20 Pakistani companies participate d both in person and online, it noted.

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 $600m.

The embassy said Hashmi announced Pakistan would host the 4th Health, Engineering, and Minerals Show (HEMS) in Lahore from April 17-19, 2025, with a special focus on surgical and medicalinstruments.

According to CEN, the 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 Prime Minister Shehbaz`s visit, 32 MoUs wereagreed upon to promote trade and investment between the two neighbours.

Chinese businessmen note Pakistan`s `tax incentives, large labour force` In September 2024, Chinese companies signed various MoUs with their Pakistani counterparts at a conference, where as many as 25 major Chinese firms expressed their deep interest in investing heavily in Pakistan.

Most recently, in December, Chinese and Pakistani diplomats signed MoUs for five projects in transport, health, energy and agriculture, with support from the Sindh government. This came days after a Chinese business delegation met with President Asif Ali Zardari in Karachi.

Sunny Yang, chief technology officer of the Silk Road Assistance platform, told CEN that Pakistan`s `vast market, tax incentives, and set of standardsconsistent with Europe give it a competitive edge in capturing internationalinvestment`.

`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, Yang was quoted as saying.

`By joining forces, Chinese technology can help Pakistan build its own brand and climb the global value chain,` he added.

Meanwhile, Zhou Hui, chairman of the China Chamber of Commerce for Import and Export of Medicines and Health Products, highlighted Pakistan`s `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.