Beijing (TDI): MoUs worth around $250 million were signed at the China-Pakistan B2B matchmaking conference in Beijing on Saturday, focusing on the medical equipment and surgical instruments sector.
Silk Road Assistance Industrial Internet Platform, a provider of advisory services for companies to do cross-border businesses, entered into deals respectively with Pakistan’s dental and surgical instrument manufacturer Sawuat, and Chinese pharmaceutical company UPH Biopharma.
This collaboration aims to steer more Chinese companies to engage in trade and start joint ventures in Pakistan in the medical instrument sector.
Sunny Yang, Chief Technology Officer of this platform,said that Pakistan’s vast market, tax incentives, and set of standards consistent with Europe offer it a competitive edge in capturing foreign investment.
“Its medical industry can be further developed in collaboration with China. For example, while it excels in equipment and instruments, there is considerable opportunities for improvement in areas like image documentation. By joining forces, Chinese technology can assist Pakistan build its own brand and climb the global value chain,” he said.
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Home to the world’s 5th-largest medical manufacturing hub in Sialkot, Pakistan exports more than 80 percent of its domestic production.
Its low cost of production and favorable geographic location connecting Central Asia and Middle East offer attractive opportunities for foreign companies.
Its cheap medical raw materials and primary products are also supplied to other nations for processing and export.
Immense Raw Material Resources in Pakistan
“Pakistan boasts immense raw material resources and a large labor force. With considerable strengths in medical consumables like surgical instruments, the demand for high-value medical products continues to rise,” according to Zhou Hui, Chairman of the China Chamber of Commerce for Import and Export of Medicines and Health Products.
Dr. Muhammad Shahbaz, President of China Pakistan Medical Association, said that he is working to establish a China-Pakistan friendship hospital in Islamabad and planning a joint medical technology park in Pakistan.
At this conference, his association reached a deal with a technology company based in Hangzhou, China for medical equipment trade, establishment of joint ventures, and transfer of technologies.
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Organized by the Pakistani Embassy in China, the conference attracted more than 120 companies from the two countries.
This event marks the conclusion of the first series of seven B2B events held since Pakistani Prime Minister Shehbaz Sharif’s visit to China last June.
