Chinese companies to invest in Pakistan's medicine sector

Chinese companies to step up pharmaceutical cooperation with Pakistan, China Economic Net (CEN) reported on Saturday.

"Having provided over 20 million doses of vaccine made in Pakistan, we expect to deepen cooperation with this country", said Xin Chunlin from CanSino at a CPEC B2B Conference, reported The News International.

CanSino is a renowned Chinese pharmaceutical company that has launched the single-dose CanSino COVID-19 vaccine branded PakVac locally produced in Pakistan last year.

In the conference organized by the Board of Investment (BOI), Pakistan, providers of original new drugs and traditional Chinese medicines including Luye Life Sciences Group, Guangzhou Baiyunshan Zhongyi Pharmaceutical, Guangzhou Qixing Pharmaceutical also expressed their intention to cooperate with potential Pakistani partners, reported The News International.

"Facing the common challenge of the ongoing pandemic, joining hands with the Pakistani brothers will bring benefits for both peoples", Xin added.

The move comes amid the growing economic woes and international isolation forcing over-reliance on China.

Pakistani officials are ready to scrap the China-Pakistan Economic Corridor (CPEC) if the US could offer a similar deal, a news report said.

Moreover, Pakistan is irksome over the slow pace of progress on the China-Pakistan Economic Corridor.

A number of projects under the CPEC, including those in the power sector, are facing delays for various reasons including terrorism and the ongoing pandemic situation in Pakistan.

Despite inflaming billions of dollars in the project, the Pakistan authorities have failed miserably to showcase the valid progress and to maintain the impetus that delivered a series of power plants and other infrastructure projects in the first phase of the CPEC implementation, reported Dawn.

Also, the hype created by the Pakistan government through projecting the CPEC as a panacea for all problems is rapidly losing steam and China had stalled many projects due to disputes over debts.

The local populace in Pakistan also has been contesting such Chinese-led investment-oriented development strategies. Concerns about debt traps, lack of transparency, aggressive diplomacy, and friction due to excessive use of Chinese labour have often resulted in discord at the local level. (ANI)