Pakistan pushes investment drive as PM Sharif begins high-level Beijing meetings

ISLAMABAD: Prime Minister Shehbaz Sharif arrived in Beijing on Sunday after concluding a series of investment and industrial engagements in Hangzhou, where he urged Chinese companies to relocate industries to Pakistan under what he described as a “win-win model” for both countries.

The prime minister’s visit comes as Islamabad seeks to deepen economic cooperation with China beyond traditional infrastructure financing under the China-Pakistan Economic Corridor, focusing instead on industrial relocation, technology partnerships, renewable energy, agriculture and business-to-business investment.

According to a statement issued by the Prime Minister’s Office, PM Sharif is expected to hold high-level meetings with Chinese President Xi Jinping and Premier Li Qiang during his stay in Beijing to advance cooperation under CPEC Phase-II in trade, investment, industry, agriculture, science and technology, and people-to-people exchanges.

The visit coincides with the 75th anniversary of diplomatic relations between Pakistan and China.

In Hangzhou, PM Sharif chaired the opening session of the third Pakistan-China B2B Investment Conference, attended by more than 500 companies from both countries and focused on information technology, battery energy storage systems, agriculture, solar technologies and pharmaceuticals.

Addressing Chinese investors and business leaders, the prime minister said Pakistan was offering long-term industrial and investment opportunities rather than seeking external assistance.

“Pakistan is looking for expertise, experience, investments and not loans, not aid, not handouts, because handouts, aid never made a nation vibrant, never made a nation to stand on its own feet,” Sharif said.

He invited Chinese manufacturers facing rising labor costs at home to relocate industries to Pakistan through joint ventures with Pakistani firms.

“This model will be a win-win model for Chinese and Pakistani entrepreneurs, and this will be something of a roaring success in times to come,” the prime minister said.

Sharif said Pakistan was offering investor-friendly policies, long-term industrial land leases and one-window business facilitation through special economic zones, including a 6,000-acre export zone near Karachi.

“We are going to offer land to you on a long-term basis in terms of lease,” he told investors. “This special economic zone would have modern infrastructure, a seamless business environment and would offer a red-carpet treatment and one-window operation.”

The prime minister also emphasized opportunities in agriculture, minerals, artificial intelligence and information technology, saying Pakistan aimed to significantly expand agricultural exports to China over the next five to seven years.

“In the next five to seven years, we expect an increase in our agri product trade to China by about $10 billion,” he said.

PM Sharif held separate engagements with Chinese provincial authorities and leading companies including Alibaba Group, CATL and StarCharge to explore industrial cooperation and investment opportunities.

At Alibaba headquarters, the prime minister met Executive Chairman Joe Tsai as Pakistan seeks greater cooperation in digitization, e-commerce and technology development.

Pakistani and Chinese officials, on the other hand, agreed to establish a joint working group to explore cooperation in battery cell manufacturing and advanced energy technologies during meetings with CALB Group in Jiangsu province.

Pakistan’s delegation was briefed on lithium battery systems, electric mobility and energy storage technologies as both sides discussed localization, technical collaboration and industrial modernization initiatives.

Deputy Prime Minister and Foreign Minister Ishaq Dar, who also arrived in Beijing, said the Pakistan-China “iron brotherhood” was growing stronger as the two countries marked 75 years of diplomatic relations.

“Our friendship has stood the test of time, changing global realities, and regional challenges,” Dar said during the B2B conference.

“Pakistan is open for business. Pakistan is reforming. Pakistan is rising,” he added.

Dar said more than 300 memorandums of understanding and nearly three dozen joint ventures worth over $13 billion had emerged from recent Pakistan-China business engagements.

He is also scheduled to attend the second Pakistan-China Political Parties Forum and the fourth CPEC Political Parties Joint Consultation Mechanism alongside senior Chinese Communist Party officials.

PM Sharif said the latest agreements signed during the China visit now needed to be translated into operational projects and investments.

“We have signed MoUs worth billions of dollars,” he said. “These MoUs now need to be converted into agreements.”