Pakistan, China ink $8.5 bln accords; PM Shehbaz terms step as ‘long march of economic growth”

BEIJING,(Ali Imran Chattha)

Pakistan and China on Thursday inked bilateral accords worth $8.5 billion in various sectors, with Prime Minister Shehbaz Sharif terming the development as 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, PM Shehbaz Sharif 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, 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 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