KARACHI: Prime Minister Shehbaz Sharif Friday said China and Pakistan are great friends and their exemplary friendship is being transformed into broader cooperation in the form of investment, economic, and trade relations. He emphasized that the next phase of the China-Pakistan Economic Corridor (CPEC) will primarily focus on business-to-business arrangements, especially in the industrial sector.
He was addressing the representatives of international companies, including those from China, operating in Pakistan here. The event was attended by the Governor and Chief Minister of Sindh, federal ministers, prominent business figures, and senior officials.
The Prime Minister mentioned his pleasure upon being informed that a delegation of 150 Chinese business personalities was participating in the exhibition and extended an invitation for a luncheon.
2nd phase of CPEC: PM says fast-paced work in progress
He reiterated that Pakistan and China are “Iron Brothers” and that their longstanding friendship is now being transformed into investment, economic, and trade relations, particularly in agriculture, information technology, mining, and infrastructure sectors.
Referring to his visit to Shaanxi Province in June, the Prime Minister shared that they toured a significant agricultural university and a research center spread over hundreds of acres. Following the visit, a decision was made to send 1,000 Pakistani agricultural graduates to China for advanced training. The program has been finalized, and after consultations with Chinese counterparts, these students will undertake refresher courses at Chinese universities.
The Prime Minister noted that Pakistan is an agricultural economy, with 60% of its population residing in rural areas. He emphasized the need to increase agricultural production, citing a $3 billion increase in Pakistan’s agricultural exports last year. The target for the current fiscal year is to boost exports to $7 billion, a significant goal requiring concerted efforts.
He highlighted the necessity of adopting modern technology and methods to increase agricultural output and the need for value-added products for export. China, he said, could be a crucial partner in achieving these objectives.
The Prime Minister urged Chinese entrepreneurs to engage in business-to-business agreements with their Pakistani counterparts. He further explained that the next phase of CPEC will primarily focus on business-to-business arrangements in the industrial sector. Joint ventures between Pakistan and China in the textile industry and agricultural production will be launched, with the products from these ventures exported to markets with high taxes. Both countries will adopt joint mechanisms in this regard, which will be mutually beneficial.
Shehbaz concluded by reaffirming the deep friendship between China and Pakistan, stating that their bond is not only higher than the Himalayas but is now reaching the skies. He also noted that Pakistan had sent its satellite into space with China’s cooperation. He described the friendship as deeper than the oceans and sweeter than honey and emphasized that the relationship will now be further strengthened through increased trade and economic ties in CPEC Phase II.
Copyright Business Recorder, 2024
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