Pakistan and China on Thursday inked bilateral accords worth $8.5 billion in various sectors, with Prime Minister Shehbaz Sharif terming the development a "long march of economic growth".
The Chinese and Pakistani companies have signed $7 billion memoranda of understanding and $1.54 billion joint ventures (totaling $8.5 billion) in sectors including agriculture, electric vehicles, solar energy, health, chemical and petrochemicals, irons and steel besides others, at the Second Pakistan-China B2B Investment Conference held in Beijing.
In his keynote address on the occasion, the prime minister said the "long march" would lead to growth of enormous opportunities of investment and job creation.
The prime minister unveiled a new vision for Pakistan-China economic cooperation, announcing the formal launch of "CPEC 2.0" which will attract investment into diverse sectors.
Welcoming the high-level delegates, the prime minister described the forum as a reflection of the iron-clad brotherhood between Pakistan and China.
Addressing concerns about bureaucratic delays, the prime minister assured the Chinese investors to remove all red tape hiccups in investments. He issued a clear and direct message: "We will not tolerate a second's delay. I recently ensured that a Chinese entrepreneur was facilitated within 24 hours. That's the level of commitment I am talking about."
He reassured the Chinese delegation of Pakistan's unwavering commitment to investor facilitation, stating that Chinese investors will be treated as partners and that "Pakistan is your second home, just as China is ours."
Security of Chinese nationals in Pakistan, he said was a top priority, adding "the safety of Chinese citizens is paramount."
"This is one of the largest business conferences I have attended during my visit to this great country. Our relationship with China is unmatched, higher than the Himalayas, deeper than the deepest oceans, sweeter than honey and stronger than steel," said the prime minister.
Referring to the China-Pakistan Economic Corridor (CPEC) agreement signed in 2015 during President Xi Jinping's historic visit to Pakistan, Prime Minister Shehbaz Sharif credited the first phase of CPEC with transforming Pakistan's energy and infrastructure landscape.
"We were facing up to 20 hours of power outages daily. Today, thanks to President Xi's dynamic and visionary leadership, Pakistan became energy self-sufficient. That was the turning point," he noted.
PM Shehbaz Sharif announced the launch of CPEC 2.0, which will shift focus toward business-to-business (B2B) investments in agriculture, IT and AI, minerals, and industrial relocation.
"Our agriculture sector employs 60% of our population. China has excelled in this field, and we seek your partnership to modernize our agricultural practices and increase exports," he urged Chinese investors.
He emphasized the role of Special Economic Zones (SEZs) in attracting investment, offering competitive advantages such as cheaper skilled labor and joint ventures to produce high-quality export goods.
In an emotionally charged segment of his speech, Prime Minister Shehbaz recounted his first visit to China in 1982.
"Even back then, I said China is suffering from success, not failure. Today, China is the second-largest economy and a global military power, having lifted over 700 million people out of poverty. This is the model I want to borrow and replicate in Pakistan," he said.
He commended President Xi Jinping's leadership in promoting multilateralism and shared prosperity, saying that China has changed the destinies of many nations, a testament to its "visionary and dynamic leadership."
In his closing remarks, Prime Minister Shehbaz Sharif reiterated his determination to transform Pakistan's economic landscape. "We know the path is difficult, but not impossible. With China's support and our commitment, we will make Pakistan a strong and vibrant economy. Let today mark the beginning of that journey."
Chinese and Pakistani investors, government officials, and dignitaries, including Deputy Prime Minister Ishaq Dar, the Ambassador of Pakistan to China Khalil Hashmi, and Chairman of China Council for the Promotion of International Trade, federal ministers and others were present on the occasion.
Chinese PM
Pakistan and China, expressing satisfaction over the positive trajectory of their relations, on Thursday agreed to continue working closely on CPEC 2.0, with its five new corridors.
The bilateral ties and cooperation were discussed in a meeting between PM Sharif and Chinese Premier Li Qiang.
During their "warm and friendly" meeting, the prime minister expressed his deepest gratitude to the Chinese leadership and nation for their unflinching support to Pakistan's territorial integrity, sovereignty, and socio-economic development.
Building on the important consensus reached between President Xi and the prime minister in their meeting on Tuesday, both leaders reaffirmed their shared resolve to further strengthen the iron-clad, all-weather strategic cooperative partnership between Pakistan and China. The signing of the Joint Action Plan 2024-2029 was deemed as an important step in this regard.
The prime minister congratulated the Chinese leadership on the successful hosting of the SCO Council of Heads of State Summit in Tianjin and extended his felicitations to China on the 80th anniversary of the success of the Chinese people in the War of Resistance and World's Anti-Fascist War.
The prime minister reiterated Pakistan's support for President Xi's landmark initiatives to strengthen multilateralism, including the Global Governance Initiative, Global Development Initiative, Global Security Initiative as well as Global Civilisation Initiative.
Both countries would celebrate the 75th anniversary of the establishment of Pakistan-China diplomatic ties next year.
The two leaders also attended the ceremony of exchanging of memorandums of understanding and agreements signed and announced between the two countries with regard to cooperation in the development of CPEC 2.0, science and technology, IT, media, agriculture, etc.
The delegation-level talks were followed by a sumptuous luncheon, hosted by the Chinese Premier in honor of the prime minister and his delegation.
PM assurance
PM Sharif on Thursday reiterated Pakistan's vision of deepening bilateral cooperation with China in industries, agriculture, trade, ICT, mining and minerals.
He was talking to China's Minister of Industry and Information Technology, Li Lecheng who called on him.
The prime minister regarded China Pakistan Economic Corridor (CPEC) as central pillar of Pakistan's socio-economic development and expressed satisfaction at its steady progress in Phase-II.
Admiring the prime minister's economic reform agenda, Minister Li emphasised that China regarded Pakistan as an ironclad brother and All-Weather Strategic Cooperative Partner.
He expressed China's firm resolve to elevate bilateral relations with Pakistan to new heights of cooperation and collaboration.
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