BEIJING: Pakistan and China signed bilateral agreements worth $8.5 billion on Thursday across various sectors, with Prime Minister Shehbaz Sharif describing it as a “long march of economic growth.”

Chinese and Pakistani companies signed $7 billion in memoranda of understanding (MoU) and $1.54 billion in joint ventures at the Second Pakistan-China B2B Investment Conference in Beijing. Sectors covered include agriculture, electric vehicles (EVs), solar energy, health, chemicals, petrochemicals, iron, and steel.

In his address, the Pakistani PM announced the launch of CPEC 2.0, aimed at attracting investment into diverse sectors and creating job opportunities. He assured Chinese investors that bureaucratic delays would be eliminated.

Describing the forum as a reflection of the “iron-clad brotherhood” between Pakistan and China, Mr. Shehbaz stated that Pakistan was committed to investor facilitation and security for Chinese nationals. “The safety of Chinese citizens is paramount,” he said.

The Pakistani PM praised China’s transformative influence on Pakistan’s energy and infrastructure. He noted that Pakistan overcame severe power outages thanks to China’s support.

He also pledged to focus CPEC 2.0 on business-to-business investments in agriculture, IT, artificial intelligence, minerals, and industrial relocation.

Highlighting the importance of special economic zones for attracting investment, Sharif called for Chinese partnerships to modernize Pakistan’s agriculture. Over 60% of the country’s population is employed in the agriculture sector.

The Pakistani PM recalled his first visit to China in 1982. He lauded China’s economic rise and leadership under President Xi Jinping, stating he was committed to replicating China’s development model to transform Pakistan’s economy.

The conference was attended by senior Chinese and Pakistani officials, including Deputy Prime Minister Ishaq Dar, Pakistan’s Ambassador to China Khalil Hashmi, and Chinese trade representatives.

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CPEC 2.0: Pakistan, China sign $8.5 billion economic deals