Pakistan and China sign a series of multi-billion dollar agreements.

Pakistani Prime Minister Shehbaz Sharif is on an official visit to China from May 23 to 26. The trip coincides with the 75th anniversary of diplomatic relations and carries the expectation of rescuing the Pakistani economy through multi-billion dollar trade agreements and upgrading the CPEC Economic Corridor to a new phase.

Prime Minister Shehbaz Sharif arrived in Hangzhou, Zhejiang province on May 23 to attend a key high-level meeting between the two countries, marking the 75th anniversary of the establishment of diplomatic relations, according to the Chinese Foreign Ministry. Photo: The Express Tribune.

Immediately upon arriving in Hangzhou (Zhejiang Province), Prime Minister Shehbaz Sharif chaired the Pakistan-China B2B Business Investment Conference. This event sparked a strong wave of economic cooperation.

The Pakistani Prime Minister's office confirmed that businesses from both countries immediately signed trade and investment cooperation agreements totaling $1.22 billion. The focus of these agreements is on high-tech sectors such as information technology, telecommunications, battery energy storage systems, and agricultural modernization.

Notably, the Pakistani government has reached major agreements with Alibaba Group to promote the digital economy, and has also signed a strategic agreement on the extraction, processing, and export of salt to the Chinese market. According to official announcements, the agreement was signed between the Pakistan Salt Corporation and the China National Salt Industry Corporation, with the support of the Special Investment Promotion Council (SIFC) and the Oil and Gas Department of the Ministry of Energy of Pakistan.

According to analysts, the most significant aspect of this visit is the reshaping of the China-Pakistan Economic Corridor (CPEC) into Phase 2 (CPEC 2.0). Instead of focusing solely on road construction or power plants as before, CPEC 2.0 will strongly emphasize industrialization and direct technology transfer to Pakistan.

Prime Minister Shehbaz Sharif arrived in Beijing on May 24, where he will hold high-level meetings with Chinese leaders, including President Xi Jinping. Photo: Dawn

Besides economic considerations, security issues have also become a focal point of public attention. Ahead of high-level talks with President Xi Jinping and Premier Li Qiang in Beijing on May 25th and 26th, Pakistan affirmed that it would implement the strictest security measures, pledging absolute commitment to ensuring the safety of Chinese engineers and citizens working in the country.

Following Pakistan's successful mediation in early April, which de-escalated tensions between the US and Iran, the trip to China affirms Islamabad's growing role in coordinating regional security. Beijing highly values ​​this capability of Pakistan, especially given the need for close cooperation between the two countries to maintain stability in the Strait of Hormuz.

Nhat Le

Source: Arab News, The Express Tribune

Source: https://baothanhhoa.vn/pakistan-va-trung-quoc-ky-ket-loat-thoa-thuan-ty-usd-288831.htm