PM envisions CPEC Phase II deepening bilateral ties

BEIJING:

Prime Minister Shehbaz Sharif on Thursday expressed the confidence that the next phase of the China Pakistan Economic Corridor (CPEC) would serve to further deepen the strategic partnership between the two countries.

Highlighting CPEC as the major plank of Pakistan’s economic reform agenda, the prime minister said that CPEC presented a success story of mutually beneficial bilateral cooperation and a solid foundation for Pakistan’s economic development.

He was speaking at the Pakistan-China Friendship and Business event co-organised by Pakistan Embassy in China, Chinese People’s Association for Friendship with Foreign Countries (CPAFFC) and China International Cultural Communication Center (CICCC) in Beijing.

The event was also attended by senior members of the prime minister’s entourage and a large number of prominent Chinese dignitaries, officials, academics, think-tank experts and businesspersons.

The prime minister urged the Chinese investors and businesspersons to make use of the investment opportunities in Pakistan, especially with the establishment of Special Investment Facilitation Council (SIFC) that offers one-window solution to international investors. He called for practical and mutually beneficial cooperation in priority areas of mining, ICT and agriculture.

The prime minister underscored the importance of multilateralism and international law for international peace, security and development. He appreciated China’s approach of cooperation and dialogue, particularly with the countries of the developing world, through a journey of common understanding and shared prosperity.

PM, CIDCA chairman

Prime Minister Shehbaz Sharif on Thursday met the Chairman of China International Cooperation Agency (CIDCA) Ambassador Luo Zhaohui wherein they exchanged views on the unique and enduring China-Pakistan friendship and the promotion of pragmatic cooperation driven by common development, strategic trust and mutual benefit.

The prime minister appreciated the robust support of CIDCA for CPEC projects and for Pakistan’s socioeconomic development, particularly the establishment of Pakistan-China Friendship Hospital, the Desalination Plant in Gwadar, and the New Gwadar International Airport.

Terming the China-Pakistan Economic Corridor (CPEC) as the hallmark of ironclad friendship between Pakistan and China, they noted that the Joint Working Group on Socioeconomic Development under the CPEC had yielded positive results.

They also expressed confidence that the momentum would continue in the CPEC phase II to improve the lives and livelihoods of the people.

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Prime Minister Shehbaz underlined that the governments and the peoples of both countries had always stood in solidarity with each other during times of natural disasters and calamities.

He commended CIDCA’s pivotal role in supporting developing countries particularly Pakistan during the COVID-19 pandemic, the post-2022 flood reconstruction, and the grant of polio vaccines.

The CIDCA chairman expressed commitment to further deepening China-Pakistan cooperation across diverse fields.

He also underlined the need to expand the bilateral partnership in infrastructure development, climate change response, and human resource development, including under the ambit of the Belt and Road Initiative (BRI) and the Global Development Initiative (GDI).

MoUs

Pakistan and China on Thursday signed multiple Memorandums of Understanding (MoUs) to enhance bilateral cooperation in agriculture, labour-intensive manufacturing industry, digital economy, green economy and logistic ecosystem.

The MoUs were signed between Pakistan’s Board of Investment (BoI) and several Chinese entities at a signing ceremony witnessed by Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, who is accompanying Prime Minister Shehbaz Sharif on a five-day visit to China.

Special Assistant to the Prime Minister Syed Tariq Fatemi, Foreign Secretary Muhammad Syrus Sajjad Qazi, Pakistan’s Ambassador to China Khalil Hashmi, Secretary Board of Investment Rahim Hayat Qureshi and Additional Secretary BOI Dr Erfa Iqbal were also present on the occasion.

Speaking on the occasion, the deputy prime minister and foreign minister emphasized the importance of China’s outward-looking global economic policies, the capacity of Chinese enterprises to invest in the international market and the matching potential of Pakistan’s domestic market.

Prime Minister Muhammad Shehbaz Sharif witnesses signing of Memorandums of Understanding regarding cooperation in different fields between China and Pakistan, in Beijing, China, March 06, 2024. PHOTO: APP

He highlighted the supportive environment in Pakistan for Chinese businesses interested in relocating industries from China.

Prime Minister Shehbaz Sharif on Thursday said Pakistan was taking steps to improve governance, increase the tax net and ensure ease of doing business to attract foreign direct investment (FDI), state-run Radio Pakistan reported.

During a meeting with China Exim Bank President Dr Wu Fulin in Beijing today, the premier said the results of reform measures had started appearing as the “inflation in the food sector had been controlled to a great extent”.

He said that the current account deficit had narrowed and public debt had been brought to a more sustainable level, Radio Pakistan said.