Chinese Delegation Visits Islamabad as Pakistan Seeks Investment

11 Sep, 2024

Chinese Delegation Visits Islamabad as Pakistan Seeks Investment

A high-level delegation from Chinese companies is visiting Islamabad this week as part of Pakistan's push for foreign investment. The visit comes amid efforts by Pakistan to boost its $350 billion economy and navigate a challenging reform agenda set by the International Monetary Fund (IMF).

In June, Pakistan and China signed 32 memorandums of understanding (MoUs) aimed at promoting trade and investment. These agreements, forged during Prime Minister Shehbaz Sharif’s visit to China, cover diverse sectors including IT, textiles, leather, footwear, minerals, pharmaceuticals, and agriculture.

Since 2013, Chinese investment has been crucial for Pakistan’s economy, particularly through the China-Pakistan Economic Corridor (CPEC), which is part of China’s Belt and Road Initiative. Beijing has invested over $65 billion in infrastructure and development projects in Pakistan.

The current Chinese delegation, including four major business groups, recently visited the Special Investment Facilitation Council (SIFC), established to attract foreign investment. They were briefed on investment opportunities in agriculture, livestock, IT, energy, minerals, tourism, and industry, as well as policy measures to enhance the business environment in Pakistan.

The visit underscores China’s ongoing role in supporting Pakistan’s economic growth, despite challenges such as financial obligations and security concerns.