Over 100 Chinese companies in talks for investment in Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif recently presided over a high-level meeting to discuss the implementation of cooperation agreements and Memorandums of Understanding (MoUs) established during his recent visit to China.

“China has always been a steadfast friend of Pakistan, supporting us through every challenge and difficult time,” remarked the Prime Minister.

He appreciated the exemplary hospitality shown by the Chinese leadership to the Pakistani delegation during their recent visit. “China has emerged as a strong global economy, and Pakistan has much to learn from its development,” the Prime Minister added.

The Prime Minister highlighted the commencement of a new era of cooperation with China in the fields of information technology, communications, minerals and mining, and energy. “Enhanced cooperation in these sectors will not only drive economic growth and strengthen regional connectivity but also deepen the relations between our two countries,” he stated.

Emphasising the importance of timely implementation, the Prime Minister assured that there would be no tolerance for any delays in executing the agreements and MoUs signed during the visit. “I will personally oversee the implementation of the cooperation agreements and MoUs reached in China,” he asserted.

During the briefing, it was noted that a delegation from Chinese footwear companies had recently visited Pakistan to explore the relocation of their factories. The delegation revealed a potential investment of $5 to $8 billion by Chinese companies in this sector.

The Pakistan Footwear Manufacturers Association is in continuous contact with Chinese companies regarding the relocation of their factories to Pakistan. Additionally, twelve prominent Chinese agricultural companies are set to actively participate in the upcoming Food and Agriculture Expo in Pakistan this year.

The Prime Minister reviewed the progress on sending 1,000 Pakistani students to China on government scholarships for advanced agricultural training. He directed that students from all provinces, including Gilgit-Baltistan and Azad Kashmir, be selected on merit, with special priority given to students from underdeveloped areas of Balochistan.

“Students should commence their modern agricultural training in China from the next academic semester,” instructed the Prime Minister.

The meeting was informed that, as a result of agreements made during the Prime Minister’s visit to China, over 100 Chinese companies are in contact with Pakistani companies for business and investment opportunities in Pakistan.

The Ministry of Information Technology updated the meeting on Huawei’s initiatives, which include training 300,000 students in technical skills, facilitating business through a one-stop operation, and advancements in smart governance and smart city projects.

The Prime Minister instructed the Water and Power Development Authority (WAPDA) to establish safe cities to ensure the security of Chinese nationals working on the Dasu and Diamer Bhasha projects, emphasizing the prompt completion of these initiatives.

He was also briefed on the progress of various infrastructure, electricity, and development projects in Gwadar initiated by China. The Prime Minister directed that steps be accelerated to develop Gwadar Port, Gwadar Airport, and Gwadar Industrial Zone to transform Gwadar into a regional trade hub.

Negotiations with Chinese solar panel and equipment manufacturers to relocate their factories to Pakistan should also be expedited, directed the Prime Minister.

The meeting was attended by Deputy Prime Minister and Minister of Foreign Affairs Muhammad Ishaq Dar, Federal Ministers Jam Kamal Khan, Attaullah Tarar, Abdul Aleem Khan, Sardar Owais Khan Leghari, Dr. Musadik Malik, Rana Tanveer Hussain, Muhammad Aurangzeb, Ahsan Iqbal, Minister of State Shaza Fatima Khawaja, Special Assistant to the Prime Minister Tariq Fatemi, Deputy Chairman Planning Commission Jehanzeb Khan, and other senior officials.

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