Prime Minister Shehbaz Sharif of Pakistan announced on Thursday that the country is implementing reforms to enhance governance, expand the tax base, and improve the business environment to attract foreign direct investment (FDI).
In a meeting with China Exim Bank President Dr. Wu Fulin in Beijing, Sharif noted positive outcomes from these reforms, including significant control of food sector inflation.
The premier highlighted reducing the current account deficit and stabilising public debt levels.
PM Shehbaz arrived in China’s tech hub, Shenzhen, on Tuesday with federal cabinet members for a five-day investment-seeking visit.
This trip, his first to China post the February 8 general elections, coincides with the launch of the second phase of the China-Pakistan Economic Corridor (CPEC) project.
Yesterday, Sharif called for enhanced business-to-business collaborations with China, ensuring full support and security for Chinese investors. He invited Huawei to expand its investment in Pakistan’s taxation and e-governance, including the Safe City projects. The two nations signed 32 memorandums of understanding (MoUs) to boost trade and investment.
Today, discussing the ML-1 rail line upgrade, Sharif encouraged Chinese investment in this and the Karachi Circular Railway projects, aiming to leverage Chinese expertise in agriculture.
He acknowledged Exim Bank’s role in modernizing Pakistan’s industrial, agricultural, and IT sectors.
Discussions with Fulin also covered joint ventures and Exim Bank’s potential role in financing to enhance Pakistani exports globally.
Fulin reaffirmed the bank’s commitment to prioritizing Pakistani projects under CPEC Phase II and the strategic partnership.
Additionally, Sharif met with Luo Zhaohui, Chairman of the China International Development Cooperation Agency, in Beijing. They discussed cooperation across various sectors and the security of Chinese nationals in Pakistan. He lauded Cidca’s significant support during the COVID-19 pandemic and subsequent challenges.
Zhaohui pledged Cidca’s support for Pakistan in developing Special Economic Zones and the health sector.
The PM also met with the chairman of China Northern Industry Corporation, encouraging FDI to be included in the KCR project.
Separately, the government established a cabinet committee on the Special Investment Facilitation Council (SIFC) to implement recommendations effectively. The committee, chaired by PM Shehbaz, includes high-level attendees like the Chief of Army Staff, General Asim Munir, and chief ministers, and it has meetings by special invitation.
