BEIJING: Prime Minister Shehbaz Sharif on Thursday assured Chinese investors that all bureaucratic hurdles in investment procedures would be removed.
This assurance came as 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. 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.”
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.
Addressing concerns regarding delays, he stated, “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 also reassured participants that Chinese investors would be treated as partners, emphasizing, “Pakistan is your second home, just as China is ours.” He underlined that the safety of Chinese nationals in Pakistan is a top priority. “The safety of Chinese citizens is paramount,” he said.
Reflecting on the achievements of CPEC’s first phase, he noted that severe power shortages had been eliminated: “Today, thanks to President Xi’s dynamic and visionary leadership, Pakistan became energy self sufficient. That was the turning point.” He outlined the focus areas of CPEC 2.0—which include agriculture, IT and AI, minerals, and industrial relocation—and urged Chinese investors to help modernise Pakistan’s agricultural practices. He also emphasized the importance of Special Economic Zones (SEZs) as attractive investment destinations, offering competitive benefits such as cheaper skilled labour and joint ventures for high quality export production.
Describing the investment conference as one of the largest during his visit, he reaffirmed the strength of Pakistan–China ties, calling the relationship “higher than the Himalayas, deeper than oceans, sweeter than honey, and stronger than steel.” He concluded with a pledge to transform Pakistan’s economy, stating, “With China’s support and our commitment, we will make Pakistan strong and vibrant.” The event was attended by senior dignitaries from both countries, including Deputy Prime Minister Ishaq Dar, Pakistan’s Ambassador to China Khalil Hashmi, federal ministers, and the Chairman of the China Council for the Promotion of International Trade
Meanwhile, Prime Minister Shehbaz, accompanied by ministers and COAS, met his Chinese counterpart Li Qiang. The delegation-level talks were followed by a sumptuous luncheon, hosted by the Chinese premier.
During their warm and friendly meeting, the two leaders expressed their satisfaction at the positive trajectory of Pakistan-China relations. Building on the important consensus reached between President Xi Jinping and PM Shehbaz in their meeting on September 2, both Li and Shehbaz 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.
Shehbaz congratulated the Chinese leadership on the successful hosting of SCO Council of Heads of State Summit in Tianjin and extended his felicitations to China on the 80th anniversary of the success of Chinese people in the War of Resistance and World’s Anti-Fascist War. 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 CEPC in Pakistan’s socio-economic development in the past decade and stressed upon the need for early implementation of ML-I, KKH realignment and operationalisation of the Gwadar Port.
Both sides also agreed to continue working closely on the next phase of upgraded CPEC 2.0, with its five new corridors. Emphasizing on the vast potential for B2B cooperation and investment, the prime minister briefed the Chinese premier on the B2B Investment Conference, where more than 300 Pakistani and 500 Chinese companies were in attendance. Prime Minister Shehbaz Sharif identified agriculture, mining, minerals, textiles, industry, and IT as priority sectors for enhanced economic cooperation with China. He reiterated Pakistan’s strong support for President Xi Jinping’s multilateral initiatives, including the Global Development, Security, Governance, and Civilisation Initiatives.
As both nations prepare to mark the 75th anniversary of diplomatic ties next year, Shehbaz and Chinese leaders witnessed the signing of multiple MoUs under CPEC 2.0, covering cooperation in science, technology, media and agriculture.
In a meeting with China’s Minister of Industry and Information Technology, Li Lecheng, Shehbaz reaffirmed Pakistan’s commitment to deepening bilateral ties. Minister Li praised Shehbaz’s reform efforts and assured China’s continued support for elevating the all-weather strategic partnership.
As the six-day official visit concluded, the prime minister departed from Beijing, where Chinese officials and Pakistan’s ambassador saw him off.
Meanwhile, Federal Information Minister Attaullah Tarar termed the visit “highly significant,” noting that Pakistan-China relations had reached new heights. Speaking at the 2nd Pakistan-China B2B Investment Conference, he highlighted CPEC Phase II’s focus on B2B partnerships, industrial development, regional connectivity and the Karakoram Highway’s reconstruction.
Tarar emphasized investment opportunities in IT and mining, underlining the importance of AI-driven growth. He praised President Xi Jinping, whom PM Shehbaz regards as a role model, and called the bilateral relationship “rock solid”.
He stressed the importance of youth engagement under CPEC 2.0, announcing that a Pakistani youth delegation would visit China soon. He also invited Chinese social media influencers to explore Pakistan’s culture and tourism. Tarar pledged greater media collaboration and highlighted rapidly growing trade between the two countries, encouraging joint ventures and Chinese industrial setups in Pakistan.
