Pak-China trade and investment parleys are going to further increase in coming years and the Caretaker Prime Minister Anwarul Haq Kakar invited China to invest in the solar energy sector.

It is of particular importance for Pakistan in that it will strengthen Pakistani efforts to improve the environment on the one hand, and on the other hand will reduce Islamabad's energy import costs.  Anwar-ul-Haq Kakar, who is on a visit to China in connection with the Third Belt and Road Forum, on Tuesday met several world leaders, including Chinese President Xi Jinping and Russian President Vladimir Putin, on the sidelines of the conference.

The Prime Minister invited Chinese investors to invest in green energy projects in the new phase of CPEC, saying that Pakistan is keen to learn from the Chinese model for setting up industrial parks and special industrial zones.  He said that by the year 2030 we want to achieve 65% renewable energy. Addressing the round table meeting on CPEC, which was also presided over by Prime Minister Kakar, he said that the Belt and Road Initiative (BRI) has provided sustainable development based on innovation, the project has increased the income of the people.  During the address, he said that the Belt and Road Initiative (BRI) has provided sustainable development based on innovation, the project has increased the tax-paying capacity of the people and the debt-paying capacity of the governments. 

The social and economic scenario of Pakistan has changed in the year. CPEC is the flagship of the BRI project, with an investment of $25.4 billion.  CPEC is the flagship of the BRI project, with an investment of $25.4 billion. He also said that there is a national consensus in Pakistan on Islamabad-Beijing relations, no one will be allowed to affect these relations. CPEC is a game-changer project that has paved the way for the socio-economic development of the marginalized and weaker sections, a sign of strategic trust and growing economic and trade relations between China and Pakistan.

The positive response to the invitation given by Prime Minister Kakar is expected to bring practical measures soon, however, a major development has come out that an agreement has been reached with a Chinese company to increase exports by two billion dollars.

The agreement was visited by the caretaker Minister of Industry and Commerce Gohar Ijaz in China. According to the sources, under the agreement, the Chinese company will establish Pakistan Consortium and will import several items and products from Pakistan, including red pepper and meat. Apart from this, the Chinese company will also start joint ventures with Pakistani companies.  In a special interview with "China Daily", Anwarul Haq Kakar pointed out that the Belt and Road project will help reduce poverty and inequality, he said that China is such a method of development financing for developing countries that differs from traditional development finance models in addition to being unconditional.  In the meeting of the Pakistani leader with Russian President Vladimir Putin on the occasion of the third Belt and Road Forum, both sides emphasized the importance of relations in the region for the promotion of regional cooperation. 

In the meeting with Kenyan President and Sri Lankan President, agreement was reached on important issues of mutual interest.  While in the conversation with Vikram Singh, emphasis was placed on the end of Israeli aggression in Gaza, delivery of humanitarian aid to the besieged people and the two-state solution. With the successful progress of the Belt and Road project and CPEC, the seemingly distant goals of development and prosperity in the region are felt to be approaching.  And it should be expected that regional cooperation efforts will lead to positive results in terms of world peace While in the conversation with Sri Lankan President, the end of the Israeli aggression in Gaza, the delivery of humanitarian aid to the besieged people and the two-state solution were emphasized.  With the successful progress of the Belt and Road project and CPEC, the seemingly distant goals of development and prosperity in the region are felt to be approaching. And it should be expected that regional cooperation efforts will lead to positive results in terms of world peace.

The new trade and investment parleys with long-time friend China are welcome. As a matter of fact, China is not only a long-term strategic partner of Pakistan in various fields, it is also a partner with a large trade volume. 

According to a media report, in September 2023, Pakistan imported goods worth 30 million and 50 million dollars to China. This volume is 100.5% more than in September 2022. In September 2023, Pakistan's total exports to all partner countries were recorded at 2.465 billion dollars, in which China's share was 14.20 percent. In the scenario of the financial year 2023-24, the export sector is showing good growth, according to which in July to September (first quarter) Its volume for all partner countries reached 6.899 billion dollars and China's share is also significant in this.  Meanwhile, another report says that China and Pakistan are set for investment in petroleum sector and media reports said that the United Energy Group of China and Pakistan Refinery Limited on Wednesday inkedan accord and a Memorandum of Understanding which is aimed at the investment worth $ 1.5 billion in this all important sector.

As the Caretaker Prime Minister Anwaar-ul-Haq Kakar and Federal Energy Minister Muhammad Ali are currently on visit to China, so they also witnessed the befitting ceremony held in this connection. This new accord will definitely help increase the country's capacity of the refinery and an estimated increase of production is said to be from 250,000 metric tons to 1.6 million metric tons and high-speed diesel from 0.6 million metric tons to 2 million metric tons, which is a good augury. Moreover, the processed petrol and high-speed  from the aforementioned refinery,  will lessen our burden of import as it can be an alternative to the imported fuel which is very costly.

Published in The Daily National Courier, October, 21 2023

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