Pakistan taking steps to improve governance, increase tax net: PM

BEIJING: Prime Minister Shehbaz Sharif has said that Pakistan is taking steps to improve governance, expand the tax net, and ensure ease of doing business to attract foreign direct investment.

Speaking with China Exim Bank President Dr Wu Fulin in Beijing, the prime minister highlighted that the results of these reform measures are beginning to show. He noted that inflation in the food sector has been significantly controlled, the current account deficit has narrowed, and public debt has been brought to a more sustainable level, according to Radio Pakistan.

The prime minister expressed Pakistan’s interest in learning from China’s experiences to uplift its agriculture sector. He mentioned that the ML-1 upgradation project is ready for investment and expressed a desire for Chinese investment in the revival of the Karachi circular railway project. He also appreciated the continued support of the Exim Bank for the modernization of Pakistan’s industries, agriculture, and IT sectors.

They discussed China-Pakistan joint venture projects and the potential role of the Chinese Exim Bank in trade financing to promote Pakistan’s exports in international markets.

Dr Wu Fulin emphasized that every project in Pakistan is a priority for China Exim Bank. He stressed the importance of economic and financial cooperation under CPEC Phase II and reaffirmed the Bank’s strategic partnership with Pakistan to advance sustainable development under the concept of shared prosperity.

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During his visit, Prime Minister Shehbaz Sharif also met with the Chairman of the China International Development Cooperation Agency (CIDCA), Ambassador Luo Zhaohui. They discussed the enduring China-Pakistan friendship and pragmatic cooperation driven by common development, strategic trust, and mutual benefit, state news agency APP said.

The premier, who arrived on Wednesday for the second leg of his five-day visit to China, appreciated CIDCA’s robust support for CPEC projects and Pakistan’s socioeconomic development. This includes the establishment of the Pakistan-China Friendship Hospital, the Desalination Plant in Gwadar, and the New Gwadar International Airport.

Terming the China-Pakistan Economic Corridor (CPEC) the hallmark of ironclad friendship between the two countries, they noted the positive results yielded by the Joint Working Group on Socioeconomic Development under CPEC.

They expressed confidence that this momentum would continue into CPEC Phase II, improving the lives and livelihoods of the people.

Prime Minister Shehbaz highlighted that both governments and peoples have always stood in solidarity during natural disasters and calamities. He commended CIDCA’s pivotal role in supporting Pakistan, particularly during the COVID-19 pandemic, post-2022 flood reconstruction, and the grant of polio vaccines.

The CIDCA chairman expressed commitment to deepening China-Pakistan cooperation across diverse fields, underlining the need to expand the bilateral partnership in infrastructure development, climate change response, and human resource development, including under the ambit of the Belt and Road Initiative (BRI) and the Global Development Initiative (GDI).