Prime Minister Shahbaz Sharif, on Wednesday, assured comprehensive facilitation to Chinese investors and emphasized the security of Chinese individuals, projects, and investments in Pakistan. He stressed that mutually rewarding business-to-business cooperation is key to a prosperous future for the two nations. Addressing the Pakistan-China Business Forum during his five-day visit to China, Prime Minister Sharif highlighted the immense potential for bilateral trade and investment, particularly in sectors such as technology transfer, industry, IT, agriculture, mining, steel, textiles, and renewable energy.
Prime Minister Sharif praised the Chinese model of development and economic transformation, expressing his determination to replicate it in Pakistan. He addressed hundreds of business leaders from both countries, stating, “I will return to Pakistan with the resolve to follow this model of great economic transformation. This model is enough to copy and simulate if we are sincere to our purpose and people. By God, I can tell you this is difficult but not impossible.”
During the Business Forum, which also featured business-to-business matchmaking, the Prime Minister urged Pakistani businessmen to collaborate with their Chinese counterparts. He emphasized the need to explore ways to relocate Chinese textile industries to Pakistan and establish joint ventures in steel and other industries. “Today is the opportunity, time, and moment to capture. Sit down with Chinese friends to have serious discussions. I want to ensure you, not as Prime Minister but as Chief Executive of Pakistan, that I will give you the fullest support so that businessmen of Pakistan and China can benefit jointly,” he remarked.
Prime Minister Sharif highlighted Pakistan’s vast mineral deposits, estimated at around $10 trillion, contrasting them with the country’s current exports of $30 billion. He emphasized the enormous potential for converting these mineral resources into finished and semi-finished goods for export. Assuring the Chinese investors of his commitment to controlling corruption, he stated that structural changes have already been initiated to address this issue.
Drawing a comparison between the $500 billion GDP of Shenzhen, a city with a population of 13 million, and Pakistan’s $380 billion GDP with a population of 250 million, Prime Minister Sharif referred to Shenzhen’s swift transformation as a “miracle of this century” and the “eighth wonder of the world.” He urged others to learn from this example, appreciating Chinese President Xi Jinping’s visionary leadership that has elevated China to the status of the second-largest economy and a major military power, lifting 700 million people out of poverty despite numerous challenges.
Prime Minister Sharif expressed condolences for the victims of a recent terror attack on Chinese workers in Besham, describing it as a “dastardly and heart-wrenching” incident. He assured the Chinese side that Pakistan is taking various measures to ensure foolproof security for Chinese workers, stating, “I will spare no effort to protect the lives of Chinese workers and assure and guarantee that we will provide them security more than our children. This will never happen again.”
Deputy Prime Minister and Foreign Minister Ishaq Dar shared Pakistan’s past economic performance, highlighting that it was once the 24th largest economy. He attributed setbacks to frequent government changes and political uncertainty. However, he emphasized that Prime Minister Sharif has a clear roadmap for export-led growth, industrialization, and import-substitution, aiming to reduce the fiscal deficit. Dar highlighted Pakistan’s potential in IT, agriculture, mining, and minerals, and praised the Business Forum for facilitating business matchmaking between Pakistani and Chinese entities. He urged Chinese businessmen to consider Pakistan’s competitive labor costs and assured them of smooth investment processing through the Special Investment Facilitation Council.
Finance Minister Muhammad Aurangzeb provided an optimistic overview of Pakistan’s economic outlook. He highlighted a 6.25% GDP growth in agriculture during the fiscal year, positive trends in remittances and exports, and a current account deficit projected to be less than a billion dollars. He mentioned ongoing discussions with the International Monetary Fund (IMF) for a longer and larger program to ensure macroeconomic stability and support structural changes
