Chinese, Pakistani firms sign $156 million MoUs in leather and footwear

Chinese, Pakistani firms sign $156 million MoUs in leather and footwear in Guangzhou.

At the Pakistan-China B2B Investment Conference on Leather and Footwear in Guangzhou, China, twelve memorandums of understanding (MoUs) were signed, totaling $156 million between Chinese and Pakistani businesses.

In his opening speech, Acting Consul General of Pakistan in Guangzhou, Sardar Muhammad, welcomed the participants and emphasized the vast potential for joint ventures and investments in Pakistan. He encouraged attendees to take full advantage of the opportunities and incentives that Pakistan offers.

Seven Pakistani companies and 46 Chinese businesses took part in over 150 meetings, which led to the signing of more than 12 MoUs and one letter of intent (LoI) valued at $15 million, contributing to a total investment commitment of $156 million.

Rahim Hayat Qureshi, Secretary of the Board of Investment Pakistan, provided a detailed explanation of Pakistan’s investment policies and invited Chinese companies to consider Pakistan as a prime investment destination, particularly in the leather and footwear industry.

Suilong Liu, Vice Director of the China Leather Industry Association, emphasized China’s role as a major importer of raw leather and a leading exporter of leather and footwear products. He also pointed out that Pakistan holds strong potential as an investment hub for the leather and footwear sectors.