ISLAMABAD, Jul 17: Prime Minister Shehbaz Sharif on Friday hailed the signing of nine agreements worth around US$ 440 million between Pakistani and Chinese private enterprises in the pharmaceutical sector, describing the development as a major step towards strengthening bilateral economic cooperation and advancing the next phase of the China-Pakistan Economic Corridor (CPEC 2.0).

Addressing the Pakistan-China Pharmaceutical Business-to-Business Conference here, the prime minister expressed confidence that the agreements would turn into practical projects, saying they would boost investment in pharmaceutical manufacturing, vaccines, research and development, and help Pakistan emerge as a regional centre for the production and export of life-saving medicines.

“I think this will ultimately result into manufacturing life saving medicines, vaccines, research and development and become a center of excellence for exporting our wonderful products to neighboring countries,” he said.

He said China had consistently stood by Pakistan during difficult times and had already invested more than US$ 30 billion under first phase of China Pakistan Economic Corridor (CPEC), calling the new partnerships another milestone in expanding economic cooperation.

The prime minister congratulated Pakistani and Chinese entrepreneurs on the agreements and praised 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 institutions and business leaders for making the conference a success.

The prime minister also highlighted Pakistan’s role in promoting regional peace, saying Islamabad had played an important mediating role during the recent regional crisis with the support of friendly countries, particularly China.

He appreciated the contributions of President Xi Jinping, Premier Li Qiang and other Chinese leaders, while also acknowledged the efforts of Field Marshal, Syed Asim Munir, and Deputy Prime Minister, Ishaq Dar in diplomatic engagements.

Reaffirming Pakistan’s commitment to Chinese investors, he said the security of Chinese nationals working in Pakistan remained the government’s highest priority and assured them of comprehensive protection.

Earlier, PM Shehbaz Sharif witnessed the sighing of agreements worth US$ 440 million between the two sides in the pharmaceutical sector.

Health Minister, Syed Mustafa Kamal said the conference was held on the vision of Prime Minister Shehbaz Sharif, adding that weeks of intensive meetings had paved the way for the business-to-business engagements. He said Pakistan’s ambassador in Beijing had also played an important role in facilitating the initiative.

Mustafa Kamal said Pakistan and China had enormous untapped potential for trade and investment in healthcare and other sectors. He said the government was taking measures to improve public access to quality healthcare and thanked Chinese companies for their participation and confidence in Pakistan’s pharmaceutical sector.

Chinese Ambassador, Jiang Zaidong said Pakistan’s large and growing population had created significant demand for healthcare, making the country’s pharmaceutical sector an attractive destination for investment and cooperation. He said the embassy had worked as a bridge between enterprises of both countries to promote business partnerships.

The ambassador welcomed Pakistan’s improving economic indicators under Prime Minister Shehbaz Sharif’s leadership and appreciated Islamabad’s constructive role in recent regional developments.

He expressed hope that Pakistan would continue providing a stable and secure environment for Chinese enterprises and noted the prime minister’s special focus on facilitating Chinese investment.

Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan said Pakistan was pursuing innovation-driven industrial growth under the leadership of Prime Minister Shehbaz Sharif, whose vision emphasised implementation, technology transfer and global competitiveness.

He said the prime minister’s recent visit to China had opened a new chapter in bilateral economic cooperation and created fresh opportunities for industrial collaboration.

Haroon Akhtar said pharmaceuticals, biotechnology and vaccine manufacturing had been identified as national industrial priorities, supported by reforms aimed at reducing bureaucracy and improving the investment climate. He invited Chinese companies to partner with Pakistan in research, manufacturing and exports, saying the two countries could jointly serve regional and international markets through deeper industrial cooperation.