Shenyang Economic and Technological Development Area (SEDA) of China and the Special Technology Zones Authority (STZA) of Pakistan have signed a Letter of Intent (LOI) to boost technology sector cooperation between the two organizations. Established in 1988, SEDA is a production hub of major biotech & automobile organizations including BMW Group, Neusoft, Pfizer, NCR and IKEA. Speaking at the virtual ceremony, the Director of the Management Committee of SEDA Zhao Yongsheng highlighted their successes, says a press release received here on Monday. Elaborating further, he revealed that SEDA hosts the largest manufacturing facility for BMW in the world, while 84 fortune 500 companies from all over the globe are operating in SEDA in high-tech manufacturing, automotive, research and development areas, and next-generation information technologies. He hailed the strong relationship between China and Pakistan and pledged his organization’s resolute support to cooperate with STZA in areas of innovation, entrepreneurship, human capital development and digital economy through the integration of science, technology and economy. Speaking on the occasion, the Chairman of STZA Amer Hashmi stated that Pakistan’s technology sector due to its rapid growth offers globally competitive opportunities for Chinese partners and investors. He highlighted that Pakistan has a unique demographic advantage, as almost 64pc of its population consisted of youth and sees great potential in working with SEDA through STZA’s dedicated China Desk to streamline cooperation with the Chinese technology sector. He expressed his gratitude to Moin ul Haque, Pakistan’s Ambassador to China and the leadership of SEDA for enabling cooperation between STZA and SEDA and expressed his support for implementing the shared vision. Gao Wei the Vice Mayor of Shenyang Municipal People’s Republic stated that China and Pakistan are strategic partners, with a long history of peaceful cooperation in various development sectors. He also explained that Shenyang is creating hubs for scientific, industrial and technological growth – with a special focus on fintech.