ISLAMABAD: Deputy Prime Minister Ishaq Dar has invited Chinese companies to benefit from his government’s investor-friendly policies and set up their manufacturing and processing units in Pakistan, Pakistani state media reported on Monday.
Dar arrived in Beijing on Monday on a four-day visit to take part in a strategic dialogue with Chinese Foreign Minister Wang Yi. This is his first official trip to China since assuming the posts of foreign minister and deputy prime minister of Pakistan.
The visit takes place as Pakistan moves to seek foreign investments from its allies while navigating an economic crisis that has seen its reserves dip to dangerously low levels and its currency weaken.
On Monday, the Pakistani deputy premier met with Shoguang Mayor Zhao Tianbao in Beijing and invited Chinese firms to invest in diverse Pakistani sectors, the state-run Radio Pakistan broadcaster reported.
“The Deputy Prime Minister highlighted Pakistan’s economic reforms agenda and highlighted opportunities for Foreign Direct Investment in sectors like infrastructure development, renewable energy, textiles, agriculture, IT and mining,” the report read.
During the meeting, Mayor Zhao reaffirmed his commitment to continue exploring new avenues of cooperation in agriculture, mining and energy, according to the report.
China is a major ally and investor in Pakistan. Under the China-Pakistan Economic Corridor (CPEC), a flagship project under China’s Belt and Road Initiative, Beijing has pledged more than $65 billion for road, rail and other infrastructure developments in the South Asian nation of 241 million people.
Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar (right) meets with Shanghai Cooperation Organization (SCO) Secretary-General Ambassador Zhang Ming in Beijing on May 13, 2024. (Foreign Office)
Beijing has also readily provided financial assistance to bail out its often-struggling neighbor, including in July last year when China granted Pakistan a two-year rollover on a $2.4 billion loan, giving the debt-saddled nation much-needed breathing space as it tackled a balance-of-payments crisis.
Dar will co-chair the fifth round of the Pakistan-China Foreign Ministers’ Strategic Dialogue with Yi, the Pakistani Ministry of Foreign Affairs (MoFA) said.
“The Deputy Prime Minister will also hold meetings with Chinese leaders and senior officials and with prominent business enterprises,” MoFA said.
Dar and his counterpart would discuss issues of core interest like economic and trade cooperation, including CPEC and regional peace and development, according to the ministry.
The Pakistan deputy premier earlier met Shanghai Cooperation Organization (SCO) Secretary-General Ambassador Zhang Ming to reiterate Pakistan’s commitment to the organization’s charter and its ideals, MoFA said in a statement.
“He expressed Pakistan’s strong commitment to advancing SCO’s security and development cooperation agenda,” the statement said.
