Pakistan and China on Thursday, expressing satisfaction over the positive trajectory of their relations, agreed to continue working closely on the next phase of upgraded China-Pakistan Economic Corridor (CPEC 2.0), with its five new corridors.
The bilateral ties and cooperation were discussed in a meeting between Prime Minister Shehbaz Sharif and Chinese Premier Li Qiang here.
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 Jinping 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.
Paying rich tribute to China’s impressive transformation under President Xi Jinping’s visionary leadership, the prime minister stated that Pakistan wanted to emulate China’s successes and build a stronger and closer Pakistan-China community with a shared future.
He noted that his government’s tireless reform efforts were yielding promising results, made possible through China’s strong support.
He also shared Pakistan’s intent to float Panda Bonds in the Chinese capital market soon.
On the economic front, the prime minister highlighted the significant contribution of the CPEC – a flagship project of President Xi’s Belt and Road Initiative (BRI), in Pakistan’s socio-economic development in the past decade, and stressed upon the need for early implementation of ML-I, KKH realignment and operationalization of the Gwadar Port.
Emphasizing on the vast potential for B2B cooperation and investment, the prime minister briefed the Chinese Premier on the B2B Investment Conference held earlier in the day, where more than 300 Pakistani and 500 Chinese companies were in attendance.
He identified agriculture, mines and minerals, textile, industrial sector and IT as priority areas for mutually beneficial economic collaboration.
The prime minister reiterated Pakistan’s support for President Xi Jinping’s landmark initiatives to strengthen multilateralism, including the Global Governance Initiative, Global Development Initiative, Global Security Initiative as well as Global Civilization 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 the exchange 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.
The PM said: “Today, the agreements signed between Chinese and Pakistani JV partners have touched $1.5 billion and MoUs signed between the business leaders of two sides have reached $7 billion dollars.”
21 memorandums of understandings in different areas were signed.
Welcoming the high-level delegates, Prime Minister Shehbaz Sharif described the forum as a reflection of the iron-clad brotherhood between Pakistan and China.
Addressing concerns about bureaucratic delays, Prime Minister Shehbaz Sharif 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.
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.”