KARACHI: Emphasising the transformation of friendly relations into enhanced economic cooperation, Prime Minister Shehbaz Sharif on Friday said that the next phase of the China-Pakistan Eco­nomic Corridor (CPEC) will mainly involve business-to-business arrangements, particularly in the industrial sector.

He expressed these views while addressing the representatives of international companies doing business in Pakistan, including China. The Sindh governor and chief minister, federal ministers, prominent businessmen and senior officers were also present on this occasion.

The prime minister stated that Pakistan and China are closest allies and “we must elevate our relationship from brotherhood and friendship to increased investment, economic, and trade ties, particularly in agriculture, information technology, mining, minerals, and infrastructure”.

“Being an agrarian economy with over 60 per cent of the rural population, Pakistan needs to further strengthen and augment its agricultural produce,” he said, adding agricultural exports increased by $3 billion in FY24 while “we have fixed a target of an additional $7bn for the current fiscal year”.

Says next CPEC phase will focus on industrial joint ventures

Terming it a quantum leap that required vigorous efforts and the adoption of modern technology, techniques and best practices, he said that China could be “our best partner in achieving the target of boosting agricultural exports and adding value to exports”.

Referring to his recent visit to China, the premier said that, fascinated by the wonderful technology and educational culture in Chinese educational institutions, he decided to send 1,000 Pakistani boys and girls for advanced training in agriculture in China. That programme was almost finalised, and now these students would go to China for refresher courses, he added.

Encouraging Chinese investors to enter into business cooperation agreements with Pakistani counterparts, the prime minister said that the next phase of CPEC will mainly consist of business-to-business arrangements and joint ventures in industry, particularly in textile and agriculture production, and then export of these products to different countries.

He added that Pakistan and China could devise a common mechanism for the production and export of such goods and it will be a win-win situation for both countries.

He said that Pak-China friendship is not only higher than mountains but now it is touching skies as Pakistan has sent its own satellite into space with the assistance of China.

Published in Dawn, August 10th, 2024