Pakistan seeks fresh momentum for CPEC

Pakistani Prime Minister Shehbaz Sharif on Thursday welcomed Chinese companies to invest in Pakistan, pledging to create win-win opportunities and inject new momentum into the China-Pakistan Economic Corridor.

Sharif made the remarks while addressing the second Pakistan-China B2B Investment Conference in Beijing.

Pakistan dispatched its largest-ever business delegation to the event, covering agriculture, information technology, commerce, finance and other fields, which Sharif said reflected Islamabad's strong commitment to advancing economic ties with China.

Highlighting the "ironclad" friendship that has endured for over seven decades, Sharif recalled that Pakistan has always received China's steadfast support in times of crisis, whether during earthquakes, floods or global turbulence.

Noting the signing of the landmark China-Pakistan Economic Corridor agreement in 2015, he said the project has enabled Pakistan to overcome crippling power shortages, achieve energy self-sufficiency and revive its industry and agriculture.

CPEC is a framework of regional connectivity and a signature project of the Belt and Road Initiative.

Looking ahead, Sharif said the two sides are launching CPEC 2.0, with priorities including B2B investment, agriculture, IT, mineral development and special economic zones.

He emphasized that industrial cooperation will remain the "cornerstone" of bilateral economic ties and a defining feature of CPEC's high-quality development in its second phase.

Sharif invited Chinese companies to consider Pakistan as a preferred investment destination, particularly for relocating industries into special economic zones as Pakistan offers a unique comparative advantage with a large pool of skilled and cost-effective labor, competitive input costs, and strategic connectivity to regional and global markets.

Achievements hailed

The prime minister also hailed China's remarkable achievements over the past five decades, from becoming the world's second-largest economy to lifting millions out of poverty, and pledged that Pakistan would strive to learn from its success and build a stronger national economy.

Ren Hongbin, chairman of the China Council for the Promotion of International Trade, said at the event that the council will establish more tailored trade promotion platforms, supporting Chinese enterprises to import Pakistan's competitive products such as cotton yarn, leather, garments, seafood and nuts, while also encouraging more investment in Pakistan. China has been Pakistan's largest trading partner for 10 consecutive years, its top import source, second-largest export market, and the biggest source of foreign direct investment.

According to figures from the General Administration of Customs of China, the total bilateral trade in goods between China and Pakistan reached $23.1 billion in 2024, an increase of 11.1 percent from the previous year. Figures from the Huaon Industrial Research Institute show that from January to July this year, bilateral trade reached $14.5 billion, up 11.5 percent year-on-year.

He Zhenwei, president of the China Overseas Development Association, said the CPEC has shifted from "hard connectivity" in infrastructure to "soft connectivity" in industrial cooperation, green and low-carbon growth, and livelihood improvements, making it a powerful driver of Pakistan's socioeconomic development.

He expressed hope that Pakistan will create a more favorable business environment for Chinese high-tech firms, noting that Chinese enterprises going abroad now aim not only to secure resources but also to export standards and solutions in areas such as electric vehicles and digital payments.

He said the association is preparing job fairs for Chinese companies operating in Pakistan.

The initiative will target more than 38,000 Pakistani students currently studying in China, aiming both to ease labor shortages for businesses and to help students secure employment opportunities after graduation.

zhaojia@chinadaily.com.cn