Prime Minister Shehbaz Sharif on Monday directed the relevant authorities to ensure that the memoranda of understanding (MoUs) signed during the B2B conference in Hangzhou on his recent China visit should be transformed swiftly into formal agreements and joint ventures.

According to the Prime Minister's Office (PMO), the prime minister chaired a review meeting to assess progress on the agreements and MoUs signed in the Pakistan-China Business-to-Business (B2B) conference held in Hangzhou on May 24, in which 207 MoUs worth approximately $7.54 billion were signed.

Those MoUs were signed in several key sectors, including battery energy storage systems, artificial intelligence (AI), mobile phones and handheld devices. Significant agreements were also reached in the areas of fertilisers, seeds, modern irrigation equipment, fisheries, and food processing, it was told. Additionally, MoUs were signed to promote joint investment in advanced industrial sectors, including biotechnology and vaccine manufacturing.

PM Shehbaz said that the extraordinary increase in business engagements between the private sectors of Pakistan and China heralded a new era in economic partnership between the two countries.

He emphasised that enhanced industrial, agricultural and technological cooperation with China would boost Pakistan’s exports and create new employment opportunities.

The premier further instructed that cooperation between the China Academy of Agricultural Sciences and the Pakistan Agricultural Research Council (PARC) must be effectively implemented.

He observed that agricultural research, modern technology, and Pakistan-China joint ventures could bring about a revolutionary transformation in the country’s agriculture sector.

The prime minister also decided to personally chair monthly review meetings to monitor progress on the outcomes of the B2B conference.

During the briefing, participants were informed that a total of 123 Pakistani companies and 436 Chinese companies attended the Pakistan-China B2B conference.

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The meeting was attended by federal ministers Rana Tanvir Hussain, Ahsan Iqbal, Ahad Khan Cheema and Shaza Fatima Khawaja, along with other senior government officials.

PM Shehbaz meets chambers' delegation ahead of federal budget

PM Shehbaz Sharif also met a high-level delegation of chambers of commerce and industry from across Pakistan, where business leaders presented proposals for the upcoming federal budget and broader economic development.

According to PMO, the prime minister said that sustained efforts had helped stabilise the economy and pledged continued work to accelerate growth. He added that further measures would be included in the upcoming budget to promote industrial expansion and increase production.

PM Shehbaz directed the Federal Board of Revenue (FBR) to clear all pending tax refund cases by June 15.

He said export-led growth remained the government’s mission, adding that collective efforts would ensure its achievement. The prime minister noted that despite a recent increase in the policy rate, the export refinance scheme would remain fixed at 4.5% until June 2027, calling the decision of banks to support exporters “commendable”.

He also instructed the relocation of the Pakistan Revenue Automation Limited head office to Karachi to facilitate the business community, and ordered the establishment of a passport office in Gujrat in response to requests from overseas Pakistanis and traders.

The statement added that the prime minister said reforms and facilitation for the small and medium enterprise sector remained a key part of the government’s economic agenda. He urged Pakistani investors to promote local electric vehicle production through joint ventures.

Members of the delegation appreciated the government’s efforts, including those of Deputy Prime Minister and Foreign Minister Ishaq Dar and Chief of Defence Forces and Chief of the Army Staff Field Marshal Asim Munir, for promoting peace during regional tensions in the Gulf.

The PMO stated that members said the business community across Pakistan stood with the government in efforts to strengthen economic growth and increase employment. The delegation also welcomed the launch of the “Apna Ghar Programme” providing soft loans for low- and middle-income groups.

"Delegations further expressed gratitude for reforms in the Export Development Fund board, the successful privatisation of Pakistan International Airlines and steps towards the digitisation of the Federal Board of Revenue, including e-invoicing," it said.

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The participants said they would fully cooperate with the government in bringing the grey economy into the formal sector through digitisation and reforms.

The consultative meeting was attended by presidents and senior representatives of chambers from Karachi, Lahore, Rawalpindi, Islamabad, Quetta, Gujrat, Gujranwala and Sialkot, along with federal ministers Rana Tanveer Hussain, Muhammad Aurangzeb, Attaullah Tarar, Ali Pervaiz Malik, Owais Ahmed Khan Leghari, Minister of State for Finance Bilal Azhar Kayani, State Bank Governor Jameel Ahmad, the FBR chairman, and senior government officials.