Meng Xiaowei, the leader of a 16-member Chinese trade delegation, has announced a $1 million investment to establish Pakistan’s first comprehensive pharmaceutical and medicine ecosystem in Karachi. The medical city will be developed in the Dhabeji Economic Zone, marking a significant step in Pakistan-China economic cooperation following successful negotiations with the Sindh government.
While addressing the Korangi Association of Trade and Industry (KATI), Meng revealed that talks with the Sindh government are also in advanced stages to introduce 1,000 electric buses, electric taxis, and a high-speed train linking Karachi to Sukkur. The Chinese delegation, which includes representatives from leading companies in agriculture, energy, transport, and manufacturing sectors, is actively exploring opportunities in Karachi. Meng highlighted that a high-level business alliance in China is encouraging investment in Pakistan, with over 50 companies expressing interest in various projects, including solar energy and fertilizers.
Ten major companies have already joined the delegation to explore investment avenues. KATI President Junaid Naqi welcomed the delegation, emphasizing China’s unwavering support to Pakistan during challenging times. He noted that China is Pakistan’s leading source of foreign direct investment, and this partnership holds great potential to boost bilateral trade. He also mentioned that the Korangi Industrial Area, a vital hub for Pakistan’s export industries, could play a crucial role in advancing joint ventures and increasing exports. Zubair Chhaya, Deputy Patron-in-Chief of KATI, underscored the importance of the China-Pakistan Economic Corridor (CPEC) in enhancing trade with China and Central Asia, calling it a “game-changer” for regional trade.
