Pakistan and China have signed more than 300 memorandums of understanding (MoUs) and over three dozen joint venture agreements over the last two years, with a cumulative value exceeding $13 billion, Pakistan’s Ambassador to China Khalil Hashmi has said, according to a statement issued on Monday.

Speaking at a meeting with a 70?member Chinese delegation at the Karachi Chamber of Commerce and Industry (KCCI), Hashmi said the government has established a comprehensive mechanism to ensure effective implementation of MoUs. Pakistan’s realisation rate from MoUs to formal contracts has reached nearly 30%.

A separate MoU was signed between KCCI and China’s IBI Group, a leading industrial internet and digital trade platform, to promote digital economy and industrial development.

The ambassador also disclosed that Pakistan is in active discussions with CATL, one of the world’s largest battery manufacturers, to establish cooperation and investment initiatives.