Prime Minister Shehbaz Sharif is set to embark on a five-day trip to China next week, with a focus on bolstering economic ties and attracting more investment to Pakistan. The trip, scheduled to commence tomorrow, will feature discussions with Chinese President Xi Jinping and Premier Li Qiang, according to Chinese foreign ministry spokeswoman Mao Ning.
During his visit, PM Shehbaz aims to enhance government-to-government and business-to-business investments, particularly in the energy and agriculture sectors, as well as Special Economic Zones. The trip is not anticipated to significantly impact the forthcoming budget preparations, as confirmed by Federal Minister for Planning and Development Ahsan Iqbal.
The China-Pakistan Economic Corridor (CPEC) will remain a key agenda item, with the formal inauguration of its second phase expected during the visit. This phase will deepen cooperation in energy, agriculture, infrastructure, and the Main Line-1 cross-country rail line project.
Minister Iqbal highlighted that agreements pertaining to energy projects will mirror those with Independent Power Producers, ensuring minimal impact on the budget. Similarly, investments in the agriculture sector will be the focus, aligning with Pakistan’s development goals.
Furthermore, discussions are anticipated on projects such as the realignment of the Karakoram Highway, for which funds have already been allocated in the upcoming budget.
China’s involvement in Pakistan’s economic landscape has been significant, with Chinese debt accounting for 13% of Pakistan’s total foreign debt. Professor Zhu Yongbiao emphasized that the primary aim of the visit remains economic and trade cooperation to enhance Pakistan’s development and self-reliance.
Additionally, given recent security concerns, Afghanistan may also feature in the discussions, particularly regarding cross-border security and cooperation in the region. China has reportedly initiated dialogue with Afghanistan’s Taliban regime to address security issues affecting Chinese personnel.
The visit underscores the ongoing partnership between Pakistan and China, aiming to further strengthen economic ties and promote mutual development.