Pakistan and China have signed 21 MoUs worth $4.2 billion to promote cooperation and investment in various sectors

Beijing: Pakistan and China have signed 21 Memorandums of Understanding (MoUs) worth $4.2 billion to promote cooperation and investment in various sectors including agriculture, electric vehicles, solar energy, health, chemicals and petrochemicals, iron and steel.

Prime Minister Muhammad Shehbaz Sharif, while inviting Chinese investors to invest in Pakistan’s Special Economic Zones and other sectors, said that the Pakistan-China B2B conference and the implementation of these MoUs would be a “Long March” for the economic development of both countries. He added that this Long March would transform Pakistan into a country attracting billions of dollars in investment, generating millions of profitable job opportunities, boosting GDP growth, and strengthening the economy. He emphasized that Pakistan seeks cooperation with China in the second phase of CPEC, adding that China’s development is a role model for Pakistan. He assured that the issues of Chinese investors would be resolved on a priority basis and that the relocation of Chinese industries to Pakistan would benefit from cheap labor and other facilities. He stressed that Pakistan would not compromise on the security of its Chinese brothers.

On Thursday, during the Pakistan-China B2B Investment Conference, MoUs and joint ventures were signed.

Deputy Prime Minister and Foreign Minister Ishaq Dar, relevant federal ministers, and a large number of representatives of prominent Pakistani and Chinese companies were also present on the occasion. Joint ventures worth $1.54 billion were signed between companies in the fields of high-tech, agriculture, medical and health, chemicals and petrochemicals, iron, steel and copper, solar energy, and electric vehicles.

Addressing the Pakistan-China B2B Investment Conference, the Prime Minister said it was an honor for him to address highly important Chinese business institutions, and that this was the most important conference of his life. He said Pakistan and China’s friendship is higher than the Himalayas, deeper than the oceans, stronger than steel and iron, and sweeter than honey — a relationship unparalleled in history. He stressed that this friendship is based on honesty, mutual respect, and cooperation in both happy and difficult times.

The Prime Minister said that China is Pakistan’s sincere and true friend, who has always stood by Pakistan in difficult times. Whether during earthquakes or floods, no other country has supported Pakistan the way China has.

The Prime Minister further said that from the depths of his heart, he wished to emphasize that the relations established by the forefathers of both countries are moving forward rapidly and will continue to grow stronger. In 2015, China and Pakistan signed the CPEC agreement when his “beloved brother,” President Xi Jinping of China, visited Pakistan and signed the agreement with his “elder brother,” Prime Minister Muhammad Nawaz Sharif. As a result, Chinese companies invested $35 billion in Pakistan.

He noted that thanks to Chinese investment, Pakistan was able to overcome the 22-hour-long power outages, and by 2018 the country became self-sufficient in meeting its energy needs. Industries revived, agriculture was restored, and major infrastructure projects — including road networks, Lahore Orange Line, dams, and many others — were launched, giving Pakistan’s economy a significant boost.

The Prime Minister lamented that unfortunately, this progress was interrupted midway, but expressed satisfaction that today, not only have these projects been revived, but bilateral trust, mutual respect, and warmth have also increased — which is the need of the hour.