PM Shehbaz hails $440m Pakistan-China pharmaceutical agreements, says partnership to advance CPEC 2.0

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Friday described the signing of nine agreements valued at US$440 million between Pakistani and Chinese private pharmaceutical companies as a landmark achievement that would deepen economic collaboration between the two countries and accelerate the next phase of the China-Pakistan Economic Corridor (CPEC 2.0).

Speaking at the Pakistan-China Pharmaceutical Business-to-Business Conference in Islamabad, the prime minister said he was confident the newly signed agreements would soon evolve into operational projects, bringing fresh investment into pharmaceutical manufacturing, vaccine production, and research and development.

He said the partnerships would strengthen Pakistan's healthcare industry and help transform the country into a regional hub for producing and exporting life-saving medicines.

PM Shehbaz said that these joint ventures would support the manufacturing of essential medicines and vaccines while promoting scientific innovation and research, enabling Pakistan to expand exports of high-quality pharmaceutical products to neighbouring markets.

The prime minister praised China for standing with Pakistan through every difficult period and noted that Chinese investment exceeding US$30 billion during the first phase of CPEC had already played a vital role in Pakistan's deve He said the latest agreements represented another significant milestone in broadening bilateral economic cooperation.

Congratulating business leaders from both countries, he acknowledged the efforts of Health Minister Syed Mustafa Kamal, Special Assistant to the Prime Minister Haroon Akhtar Khan, Pakistan's Ambassador to China Khalil Hashmi, Chinese Ambassador Jiang Zaidong, government departments and the private sector for successfully organising the conference and facilitating the agreements.

Referring to regional affairs, the prime minister said Pakistan had made meaningful contributions towards maintaining peace during the recent regional crisis with the backing of friendly nations, particularly China.

He expressed appreciation for the support of Chinese President Xi Jinping, Premier Li Qiang and other Chinese leaders, while also recognising the diplomatic role played by Field Marshal Syed Asim Munir and Deputy Prime Minister Ishaq Dar.

Reiterating Pakistan's commitment to fostering Chinese investment, Shehbaz Sharif assured that the safety and security of Chinese nationals working in the country remained the government's foremost responsibility and pledged full protection for them.

Earlier, the prime minister witnessed the formal exchange of the US$440 million agreements signed between Pakistani and Chinese pharmaceutical enterprises.

Addressing the conference, Health Minister Syed Mustafa Kamal said the event was organised in line with Prime Minister Shehbaz Sharif's vision, adding that weeks of extensive consultations and preparations had successfully paved the way for productive business-to-business engagements. He also credited Pakistan's ambassador in Beijing for playing a key role in bringing the initiative to fruition.

The health minister said both Pakistan and China possessed immense untapped opportunities for cooperation in healthcare and several other sectors. He added that the government was introducing measures to improve public access to quality healthcare services and thanked Chinese pharmaceutical companies for their trust and continued interest in investing in Pakistan.

Chinese Ambassador Jiang Zaidong said Pakistan's expanding population had created growing demand for healthcare services, making its pharmaceutical industry an attractive destination for investment and long-term cooperation. He added that the Chinese embassy had actively facilitated communication between companies from both countries to strengthen commercial partnerships.

The ambassador also welcomed Pakistan's improving economic performance under Prime Minister Shehbaz Sharif's leadership and commended the country's positive role in addressing recent regional developments.

He expressed hope that Pakistan would continue ensuring a stable and secure business environment for Chinese companies and appreciated the government's continued efforts to encourage Chinese investment.

Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan said Pakistan was pursuing an innovation-led industrial strategy under the leadership of Prime Minister Shehbaz Sharif, with particular emphasis on effective implementation, technology transfer and enhancing global competitiveness.

He said the prime minister's recent visit to China had opened fresh avenues for bilateral economic engagement and laid the foundation for expanded industrial cooperation.

Haroon Akhtar added that pharmaceuticals, biotechnology and vaccine production had been identified among Pakistan's key industrial priorities, supported by reforms aimed at reducing bureaucratic hurdles and creating a more investor-friendly business environment.

He invited Chinese companies to strengthen collaboration with Pakistan in research, manufacturing and exports, saying both countries could jointly serve regional and international markets through deeper industrial partnerships.