In a significant step towards strengthening their “iron-clad and all-weather strategic cooperative partnership,” Prime Minister of Pakistan Shehbaz Sharif and Chinese Premier Li Qiang today reaffirmed their commitment to launching the second phase of the China-Pakistan Economic Corridor (CPEC). The announcement came during a “warm and productive” meeting in Beijing where both leaders presided over the signing of 21 Memorandums of Understanding (MoUs) between business firms of the two nations.
A New Chapter of Industrial, and Economic Collaboration
The two leaders officially marked the formal launch of CPEC 2.0, a new phase that moves beyond infrastructure development to focus on industrial and economic cooperation. The new framework will feature five new corridors aimed at enhancing collaboration in critical sectors. Prime Minister Sharif emphasized the importance of this phase, stating that it is a “win-win equation” for both countries, with a primary focus on business-to-business (B2B) investment, agriculture, mining, and IT.
During the meeting, PM Sharif highlighted the significant contributions of CPEC’s first phase to Pakistan’s socio-economic development over the past decade. He stressed the need for the early implementation of key projects such as the Main Line-1 (ML-1) railway project, the realignment of the Karakoram Highway, and the full operationalization of the Gwadar Port. Premier Li and PM Sharif also agreed to advance cooperation in technology, textiles, and other key industries.
Pakistan’s Commitment to Investor Security, and Reform
Speaking at a Pakistan-China B2B Investment Conference, Prime Minister Sharif addressed Chinese business leaders, emphasizing that the security of Chinese investors and workers is “paramount” to Pakistan. He assured investors that his government would not tolerate “even a second’s delay” in facilitating their entry and operations in the country. The prime minister acknowledged past delays but stressed that Pakistan’s doors remain open for investment, underscoring the government’s tireless reform efforts which, he noted, are yielding promising results with China’s strong support.
The prime minister also expressed Pakistan’s intent to soon float Panda Bonds in the Chinese capital market, a move aimed at further strengthening economic ties and bolstering Pakistan’s foreign exchange reserves. This follows a recent decision by China to roll over $3.4 billion in loans to Pakistan.
Strengthening the All-Weather Strategic Partnership
The meetings in Beijing underscored a shared resolve to further strengthen the “iron-clad, all-weather strategic cooperative partnership.” Both leaders recalled the consensus reached during PM Sharif’s meeting with President Xi Jinping on Tuesday, which included a commitment to build CPEC 2.0 and upgrade the China-Pakistan Free Trade Agreement.
PM Sharif reiterated Pakistan’s support for President Xi’s landmark initiatives to strengthen multilateralism, including the Global Development and Global Security Initiatives. He also noted Pakistan’s alignment with President Xi’s visionary leadership and philosophy, highlighted by initiatives such as sending 1,000 Pakistani agriculture graduates to China for modern training.
This visit is a crucial milestone as both countries prepare to celebrate the 75th anniversary of the establishment of Pakistan-China diplomatic ties next year, with the launch of CPEC 2.0 serving as a central pillar of their shared future.
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