ISLAMABAD: Pakistan and China have formally kicked off the second phase of the China-Pakistan Economic Corridor (CPEC), signing 21 agreements and joint ventures worth nearly $8.5 billion to boost cooperation in trade, investment, and infrastructure.
Prime Minister Shehbaz Sharif, concluding his six-day visit to Beijing, met Chinese Premier Li Qiang and described their talks as “extremely productive.” The two leaders pledged closer coordination on CPEC 2.0, which will now focus on five new corridors, including transport, industry, and green development.
Sharif highlighted the importance of fast-tracking delayed projects such as the Main Line-1 (ML-1) railway upgrade, the realignment of the Karakoram Highway, and full operationalization of Gwadar Port. He assured Chinese investors that Pakistan would remove bureaucratic hurdles and guarantee the safety of Chinese nationals working in the country.
“Security of our Chinese brothers and sisters is paramount,” the PM told business leaders at a Pak-China B2B investment forum. “We will not tolerate delays in facilitating your projects — Pakistan is open for business.”
The prime minister also announced plans to issue Panda Bonds — yuan-denominated debt securities — in China’s capital markets to attract investment.
In addition to trade and infrastructure, both sides agreed to expand cooperation in information technology, agriculture, mining, and manufacturing. A joint action plan was also adopted to enhance security and counterterrorism efforts.
Sharif invited Chinese firms to relocate industries to Pakistan’s special economic zones, citing the country’s young skilled workforce, competitive costs, and strategic position connecting regional markets.
The prime minister returned to Islamabad Thursday night after wrapping up his visit.
