Sharif’s China Visit By Dr Maria Hamid
Pakistan’s current financial challenges make Prime Minister Shehbaz Sharif’s upcoming visit to China an important opportunity to strengthen bilateral relations and attract significant foreign investment. This five-day official trip, scheduled from June 4 to June 8, has the objective of boosting partnerships under CPEC and strengthening B2B interactions. This visit is both timely and strategic, considering the present economic climate and the longstanding connections between the two countries.
Since its establishment in 2013, the CPEC has served as an integral part of strengthening the relationship between China and Pakistan by channeling significant resources towards the development of Pakistan’s infrastructure and energy industries. Nevertheless, the rate at which the project is being carried out has recently slowed down, requiring a renewed sense of energy and dedication. The visit of Prime Minister Sharif is expected to provide new vigor to this multi-billion-dollar program, potentially facilitating further investment and expediting the completion of projects. The significance of CPEC exceeds just economic advantages; it also symbolizes the strategic alliance between China and Pakistan. Sharif’s objective is to enhance collaboration within the framework of CPEC in order to guarantee the durability and growth of projects that are critical for Pakistan’s ongoing economic stability and progress.
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Given Pakistan’s vulnerable economy, characterized by critically inadequate foreign reserves, Sharif’s decision to prioritize the improvement of B2B connections with Chinese firms is a practical and prudent step. Expected outcomes of the meetings include the strengthening of economic connections through interactions with high-ranking Chinese executives representing prominent firms in industries such as oil and gas, energy, ICT, and emerging technologies. These collaborations have the potential to result in the creation of Chinese manufacturing facilities in Pakistan, which would generate employment opportunities while supporting the growth of the Pakistani industry. Sharif’s proactive strategy in developing a thorough plan for these interactions highlights his steadfast commitment to pursuing Chinese investment. This policy is in line with Pakistan’s overall goal of broadening its economic partnerships and minimizing dependence on Western financial institutions.
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Prime Minister Sharif will participate in top-level discussions with Chinese President Xi Jinping, Premier Li Qiang, and Zhao Leji, Chairman of the Standing Committee of the National People’s Congress, during his visit. The conversations are anticipated to cover a diverse range of subjects, such as the advancement of CPEC, the improvement of bilateral trade, and the provision of security guarantees for Chinese investors in Pakistan. The presence of prominent government officials and ministers in Sharif’s delegation indicates the broad nature of this visit. The Pakistani government strives to guarantee that the results of these sessions are efficiently transformed into concrete policies and agreements by engaging high-level policymakers. Security concerns have played a crucial role in the relationship between China and Pakistan, particularly in light of occurrences that have posed a threat to Chinese citizens in Pakistan. At a recent Joint Coordination Committee (JCC) meeting on the CPEC, Pakistani officials provided reassurances to their Chinese counterparts regarding improved safety precautions. These steps include the establishment of a specialized security force specifically tasked with safeguarding CPEC projects.
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Sharif’s visit is expected to strengthen these agreements, offering the required reassurances to Chinese businesses and government officials that their interests in Pakistan are protected. The emphasis on security is crucial for sustaining the progress of current and upcoming projects within the framework of CPEC. A new air cargo link connecting Pakistan and China was launched just before Sharif’s arrival, marking a positive step. The Guizhou-Karachi route serves as evidence of the increasing trade connections between China and Pakistan. The initiation of this route not only enables more efficient commercial operations but also represents the strong economic collaboration and mutual confidence that form the foundation of Sino-Pak relations.
The launch of the new air route is anticipated to improve trade efficiency by enabling more rapid and reliable transportation of commodities. This development is an encouraging indication of the concrete advantages that result from strong bilateral relations and ongoing efforts to improve connectivity and collaboration. The visit of Prime Minister Shehbaz Sharif to China is not just a diplomatic engagement, but a strategic endeavor with the goal of rejuvenating Pakistan’s economy through increased cooperation and investment.
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Dr Maria Hamid
The writer is a Vice President at a corporate firm. Her doctorate is foreign policy and state building.
Sharif’s China Visit By Dr Maria Hamid
Source: https://www.nation.com.pk/05-Jun-2024/sharif-s-china-visit