By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif and Chinese Premier Li Qiang reaffirmed their commitment on Thursday to advancing the second phase of the China-Pakistan Economic Corridor, a multibillion-dollar infrastructure initiative central to their strategic partnership, during a meeting Sharif described as “warm and most productive.”
The discussions in Beijing, part of Sharif’s six-day visit to China that included attending the Shanghai Cooperation Organization summit from Aug. 31 to Sept. 1, focused on accelerating projects under the upgraded corridor, CPEC 2.0, which emphasizes industrial cooperation, agriculture, information technology and other sectors.
“Both sides also agreed to continue working closely on the next phase of upgraded CPEC 2.0, with its five new corridors,” according to a statement from the Press Information Department following the meeting.
Sharif highlighted the corridor’s “significant contribution” to Pakistan’s socio-economic development over the past decade and stressed the urgency of implementing key projects, including the early rollout of the Main Line-1 railway, the realignment of the Karakoram Highway and the full operationalisation of Gwadar Port.
In a post on X, Sharif called the meeting “warm and most productive.” “I also invited Chinese companies to enhance their investment footprint in Pakistan.” The leaders agreed to deepen collaboration in information technology, agriculture, minerals, textiles and industry.
“I thanked the Chinese leadership & the people for their steadfast support to Pakistan’s socio-economic development, particularly through the successful implementation of CPEC, which was now entering its next phase,” Sharif said. “Inspired by President Xi Jinping’s visionary leadership, we remain committed to building a stronger Pakistan-China community with a shared future.”
The statement described the meeting as “warm and friendly,” with both leaders expressing satisfaction at the upward trajectory of relations between the two nations, which share longstanding ties in trade, energy, defence and infrastructure.
Sharif conveyed his “deepest gratitude to the Chinese leadership and nation for their unflinching support to Pakistan’s territorial integrity, sovereignty, and socio-economic development.”
The two sides attended a ceremony for the exchange of memorandums of understanding and agreements related to CPEC 2.0, science and technology, information technology, media and agriculture.
Recalling an “important consensus” from Sharif’s meeting with Chinese President Xi Jinping on Tuesday, the statement said both premiers reaffirmed their “shared resolve to further strengthen the iron-clad, all-weather strategic cooperative partnership between Pakistan and China.” “The signing of the Joint Action Plan 2024-2029 was deemed as an important step in this regard,” the statement added.
Sharif credited China’s support for enabling Pakistan’s economic reforms, noting that the government’s “tireless reform efforts were yielding promising results, made possible through China’s strong support.” In June, China rolled over $3.4 billion in loans to Pakistan to bolster its foreign exchange reserves.
Sharif also outlined plans for Pakistan to issue Panda Bonds, debt securities denominated in Chinese yuan, in China’s capital market soon.
He briefed Li on the Pakistan-China Business-to-Business Investment Conference held earlier on Thursday, which drew more than 300 Pakistani companies and 500 Chinese firms. Sharif emphasized the potential for business-to-business ties and investment in agriculture, mines and minerals, textiles, industry and information technology as priority areas for economic collaboration.
Sharif reiterated Pakistan’s backing for Xi’s initiatives to promote multilateralism, including the Global Governance Initiative, Global Development Initiative, Global Security Initiative and Global Civilization Initiative.
The visit is expected to formally launch CPEC’s second phase, building on the first phase’s focus on energy and infrastructure projects.
Later Thursday, Sharif also held high-level meetings with executives from leading Chinese enterprises in Beijing, underscoring that industrial cooperation is the “cornerstone” of economic ties and a “defining pillar” of CPEC’s second phase.
He urged Chinese firms to view Pakistan as a prime investment destination, especially for relocating industries to special economic zones, citing the country’s “unique comparative advantage” in skilled and cost-effective labor, competitive input costs and strategic access to regional and global markets.
Sharif emphasized that the security of Chinese businesses is “paramount” to Pakistan, as the country seeks investments under CPEC 2.0. “I want to make it clear before this assembly of great leaders that the security of Chinese brothers and sisters in Pakistan is paramount for all of us.”
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