ISLAMABAD: Pakistan and China on Tuesday signed multiple memorandums of understanding (MoUs) that focused on flood rehabilitation, information and communication technologies, and development, Pakistani state media reported.

The agreements were signed during a meeting between a high-level delegation of the Chinese International Development Cooperation Agency (CIDCA), led by Luo Zhaohui, and Prime Minister Shehbaz Sharif in Islamabad.

The MoUs pertained to flood rehabilitation, information and communication technologies, Juncao technology to address soil erosion and desertification, and China-Pakistan Development Cooperation Planning (2024-2028).

“Welcoming the delegation, the Prime Minister said China is Pakistan’s most trusted friend and appreciated China’s steadfast support to Pakistan,” the state-run Radio Pakistan broadcaster reported.

“Acknowledging CIDCA’s pivotal role in bolstering Pakistan’s economic development, the Prime Minister specifically commended CIDCA for its vital support during the 2022 floods and for its relief, rehabilitation, and reconstruction efforts in Pakistan.”

In 2022, downpours swelled rivers and at one point flooded a third of Pakistan, killing 1,739 people. The floods also caused $30 billion in damages, from which Pakistan is still trying to rebuild.

The prime minister witnessed the signing of agreements alongside a Letter of Exchange on the establishment of a First Aid Center in Balochistan and Protocol on Cooperation in Human Resources Development under the Global Development Initiative.

“These agreements signify the deepening cooperation between Pakistan and China across various sectors,” the report read.

The meeting was also attended by China’s Ambassador to Pakistan Jiang Zaidong, members of PM Sharif’s cabinet and senior officials of Pakistan.

Beijing has been one of Islamabad’s most reliable foreign partners in recent years, readily providing financial assistance to bail out its often-struggling neighbor.

In July last year, China granted Pakistan a two-year rollover on a $2.4 billion loan, giving the debt-saddled nation much-needed breathing space as it tackled a balance-of-payments crisis.

China has inked more than two trillion dollars in contracts around the world under its Belt and Road investment scheme, with billions pouring into infrastructure projects in Pakistan.

KARACHI: Pakistan recorded highest ever single-month exports in the field of information technology (IT) in March, chairman of the country’s software houses association said on Tuesday.

The Pakistani IT exports surged by $49 million in the last month from $257 million recorded in the month of February, according to Pakistan Software Houses Association (P@SHA).

The exports, which stood at $225 million in March 2023, recorded an increase of 36 percent on a year-on-year basis.

“Crossing $300 million in a single month makes the IT industry second to only textiles in Pakistan,” Zohaib Khan, the P@SHA chairman, said in a statement.

“It is pertinent to note that IT exports for the month of March 2024 is also the highest exports of the industry in a single month in the country’s history.”

Khan said this achievement was a result of hard work of all stakeholders and favorable government policies over the past several months.

“All we need is policy continuity coupled with new initiatives vis-a-vis skills development and branding of the IT sector on a global-scale for the country’s soft-image,” he said, urging the country’s finance and revenue authorities to give due consideration and incorporation to their budgetary proposals that had already been submitted at concerned forums. 

The P@SHA Chief reiterated the IT industry would fully support the initiatives of the Pakistani IT ministry in achieving the export target of $3.5 billion for the outgoing fiscal year, which ends in June.

“We should aim for $5 billion for the forthcoming fiscal year, i.e. FY25,” he added.