Prime Minister Shehbaz Sharif on Thursday assured the Chinese investors to remove all red tape hiccups in investments procedures as Pakistan and China business firms signed $4.2 billion worth 21 memorandums of understandings (MoUs) in different areas.
The prime minister unveiled a vision for Pakistan-China economic cooperation, announcing the formal launch of ‘CPEC 2.0’ during his keynote address at the Second Pakistan-China B2B Investment Conference held in Beijing.
PM Shehbaz described the forum as a reflection of the “iron-clad brotherhood” between Pakistan and China.
Pakistan, China agree to continue working closely for upgraded CPEC-II
Addressing concerns about bureaucratic delays, the prime minister said, “We will not tolerate a second’s delay. I recently ensured that a Chinese entrepreneur was facilitated within 24 hours. That’s the level of commitment I am talking about“.
He reassured the Chinese delegation of Pakistan’s commitment to investor facilitation, stating that Chinese investors would be treated as partners.
Security of Chinese nationals in Pakistan, he said, was a top priority, adding, “the safety of Chinese citizens is paramount”.
“This is one of the largest business conferences I have attended during my visit to this great country. Our relationship with China is unmatched, higher than the Himalayas, deeper than the deepest oceans, sweeter than honey and stronger than steel,” said the prime minister.
Referring to the China-Pakistan Economic Corridor (CPEC) agreement signed in 2015 duringo President Xi Jinping’s historic visit to Pakistan, PM Shehbaz credited the first phase of the CPEC with transforming Pakistan’s energy and infrastructure landscape.
“We were facing up to 20 hours of power outages daily. Today, thanks to President Xi’s dynamic and visionary leadership, Pakistan became energy self-sufficient. That was the turning point,” he noted.
PM Shehbaz announced the launch of ‘CPEC 2.0’ which will shift focus toward business-to-business (B2B) investments in agriculture, IT and AI, minerals, and industrial relocation.
“Our agriculture sector employs 60% of our population. China has excelled in this field, and we seek your partnership to modernise our agricultural practices and increase exports,” he urged Chinese investors.
The premier emphasised the role of Special Economic Zones (SEZs) in attracting investment, offering competitive advantages such as cheaper skilled labour and joint ventures to produce high-quality export goods.
PM Shehbaz also recounted his first visit to China in 1982.
“Even back then, I said China is suffering from success, not failure. Today, China is the second-largest economy and a global military power, having lifted over 700 million people out of poverty. This is the model I want to borrow and replicate in Pakistan,“ he said. “We know the path is difficult, but not impossible. With China’s support and our commitment, we will make Pakistan a strong and vibrant economy. Let today mark the beginning of that journey.”
