The Khyber Pakhtunkhwa Board of Investment and Trade (KP-BOIT) and the Hangzhou Municipal Bureau of Commerce (Hangzhou Government), China, have formally signed a Memorandum of Understanding (MoU) to establish strategic cooperation and collaboration.
This partnership is geared towards exploring and leveraging E-Commerce and Information Technology (IT) opportunities for potential investment within the Khyber Pakhtunkhwa (KP) province. The MoU Signing Ceremony took place as part of the China Innovation Summit, an initiative by the Central Asia Regional Economic Cooperation Program (CAREC) focusing on cooperation, collaboration, and the promotion of e-commerce and related IT interventions, as announced by the KP-BOIT on Wednesday.
Hangzhou, recognized as an industrial city with diverse sectors including light industry, agriculture, and textiles, serves as a crucial manufacturing base and logistics hub for coastal China, playing a pivotal role in the country’s economic landscape. Notably, Hangzhou has solidified its standing as a leading e-commerce and technology hub, showcasing a commitment to innovation and digital advancements.
According to the official statement, the MoU is envisaged as a bridge connecting Chinese investors with KP, facilitating the establishment of e-commerce-related facilities in the province. The agreement is expected to create opportunities for local service providers to engage in collaborative efforts and knowledge exchange with their Chinese counterparts. Additionally, the collaboration is anticipated to attract investors from other countries, thereby fostering increased investment in the e-commerce sector. This strategic partnership marks a significant step towards enhancing economic cooperation and technological innovation between the two regions.
