Pakistan, China seal $601m agriculture JVs

Pakistan and China deepened cooperation in the agriculture sector as enterprises from both sides signed joint ventures (JVs) worth $601.25 million during the 2nd Pakistan-China B2B Investment Conference in Beijing on September 4, held during the prime minister's visit.

Among the key agreements, Hitech Technological Concern of Pakistan partnered with Weichai Lovol Intelligent Agricultural Technology Company of China to form a $500 million JV. The venture will modernise agricultural machinery and promote smart farming solutions.

Similarly, IMGC signed a $100 million JV with Zhongzhihui Agriculture Development to boost crop development and facilitate technology transfer. Meanwhile, Buraq Tractors reached an agreement worth $1.25 million with Xinyukun (Chongqing) Industry and Trade Co, Ltd to strengthen localised tractor manufacturing and after-sales services in Pakistan.