PM Shehbaz Sharif Signs $8.5 Billion Worth Deals During China Visit

Prime Minister Shehbaz Sharif concluded his visit to China with the signing of agreements and memorandums of understanding (MoUs) totaling $8.5 billion, marking a significant step in strengthening economic ties between Pakistan and China.

Agreements worth $1.5 billion

During the visit, Pakistani and Chinese firms signed agreements valued at $1.5 billion, aimed at enhancing trade, investment, and industrial collaboration across multiple sectors. The Prime Minister emphasized that these agreements are pivotal for building long-term economic partnerships between the two countries.

MoUs Worth $7 Billion

In addition to formal agreements, MoUs worth $7 billion were signed, covering a range of development and investment projects designed to boost Pakistan’s economic growth and infrastructure development. Prime Minister Shehbaz Sharif stressed that a system has been established to ensure transparent and accountable implementation of all agreements and MoUs.

Commitment to Achieving Objectives

At a farewell ceremony, PM Shehbaz reaffirmed Pakistan’s dedication to fulfilling the goals outlined in the agreements. He expressed optimism that the new initiatives would deliver tangible benefits to both nations.

CPEC Phase 2 Cooperation

During the visit, Prime Minister Shehbaz met Chinese Premier Li Qiang in Beijing. Both leaders expressed satisfaction with the progress of bilateral relations and signed multiple agreements to expand cooperation under Phase 2 of the China-Pakistan Economic Corridor (CPEC). Detailed delegation-level discussions preceded the signing of agreements and MoUs. Both countries agreed to collaborate on five new economic corridors.

Priority sectors include agriculture, mining, minerals, textiles, industry, and information technology. Additional agreements strengthened cooperation in science, technology, IT, media, and agriculture.

Strategic Partnership

The leaders reaffirmed their commitment to an all-weather strategic cooperative partnership and signed a joint action plan to enhance mutual cooperation. PM Shehbaz expressed gratitude to China for its support of Pakistan’s regional integrity, sovereignty, and socio-economic development, noting that the success of Pakistan’s reforms was made possible through China’s consistent backing.

Economic Initiatives and Connectivity Projects

PM Shehbaz highlighted Pakistan’s plan to issue Panda Bonds in China and emphasized the importance of promptly implementing key connectivity projects, including the Karakoram Highway realignment, Main Line-1 railway upgrade, and operationalization of Gwadar Port. He also pointed out opportunities for business-to-business collaboration and foreign investment, previewing an upcoming investment conference in Beijing that will host over 300 Pakistani and 500 Chinese companies.

The visit concluded with a luncheon hosted by Premier Li Qiang in honor of PM Shehbaz Sharif and his delegation, reaffirming the commitment of both nations to advance economic progress and strategic cooperation.

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