A Chinese business delegation met with President Asif Ali Zardari in Karachi on Thursday and expressed interest in investing $1 billion in a medical city, as well as in diverse sectors of the economy.

Pakistan has held strong bilateral relations with China which has supported it through many investments and development projects such as the China-Pakistan Economic Corridor project which was termed as a “lifeline” for the country’s economy.

Earlier, China was revealed to be Pakistan’s largest creditor with almost $29 billion in loans, according to a World Bank report. China had the single largest share of debt to Pakistan with a 22 per cent share.

Today, President Zardari met with a delegation led by the Chinese Consul General Yang Yundong at Bilawal House in Karachi, where he called for greater Chinese investment in Pakistan’s various sectors to strengthen bilateral trade.

“The delegation expressed interest to invest $1bn to establish a medical city in Pakistan to advance the country’s healthcare sector,” a press release from the PPP said.

“The delegation also expressed interest to invest in diverse sectors of Pakistan’s economy, especially agriculture, livestock, energy, transport, and manufacturing,” it added.

President Zardari highlighted the need for increased cooperation between Islamabad and Beijing, particularly between investors and businesses in Karachi.

“We have been close friends for decades, and it was my vision to develop Gawadar Port into a regional trade and economic hub that would not only improve regional connectivity but would also boost regional trade and economic cooperation,” he was quoted as saying.

President Zardari also highlighted Chinese language courses introduced in Sindh, an important step towards strengthening people-to-people and cultural linkages between both countries.

The meeting was also attended by Sindh Chief Minister Murad Ali Shah, provincial ministers Sharjeel Inam Memon and Nasir Hussain Shah, and Special Assistant to CM on Public-Private Partnership Qasim Naveed Qamar.

The president welcomed Chinese investments stating that Pakistan is committed to facilitating and supporting investors in every possible way.