Pakistan and China took a major step to expand economic cooperation on Thursday as Prime Minister Muhammad Shehbaz Sharif announced the formal launch of “CPEC 2.0,” with business firms from both sides signing 21 memorandums of understanding (MoUs) worth $4.2 billion.
Speaking at the Second Pakistan-China B2B Investment Conference in Beijing, Prime Minister Shehbaz Sharif said the next phase of the China-Pakistan Economic Corridor (CPEC) would shift the focus toward business-to-business investments in agriculture, information technology and artificial intelligence, minerals, and industrial relocation. He emphasized the role of Special Economic Zones (SEZs) in attracting such investments, citing cheaper skilled labor and opportunities for joint ventures to boost exports.
“Our agriculture sector employs 60% of our population. China has excelled in this field, and we seek your partnership to modernize our agricultural practices and increase exports,” he urged Chinese investors.
The prime minister gave a strong assurance to foreign businesses, pledging to remove bureaucratic barriers and ensure swift facilitation. “We will not tolerate a second’s delay. I recently ensured that a Chinese entrepreneur was facilitated within 24 hours. That’s the level of commitment I am talking about,” he told participants. He reaffirmed that “Pakistan is your second home, just as China is ours,” while stressing that the safety of Chinese nationals in Pakistan remained paramount.
Shehbaz also reflected on the transformative role of CPEC since its launch in 2015 during President Xi Jinping’s visit to Pakistan. “We were facing up to 20 hours of power outages daily. Today, thanks to President Xi’s dynamic and visionary leadership, Pakistan became energy self-sufficient. That was the turning point,” he said.
In an emotional moment, he recalled his first trip to China in 1982. “Even back then, I said China is suffering from success, not failure. Today, China is the second-largest economy and a global military power, having lifted over 700 million people out of poverty. This is the model I want to borrow and replicate in Pakistan.”
He commended President Xi’s global leadership in advancing multilateralism and shared prosperity, adding that China had “changed the destinies of many nations, a testament to its visionary and dynamic leadership.”
Calling the forum “one of the largest business conferences I have attended during my visit to this great country,” the premier described it as a true reflection of the “iron-clad brotherhood” between Pakistan and China. “Our relationship with China is unmatched, higher than the Himalayas, deeper than the deepest oceans, sweeter than honey and stronger than steel,” he remarked.
Concluding his keynote, Shehbaz reaffirmed his determination to transform Pakistan’s economic landscape: “We know the path is difficult, but not impossible. With China’s support and our commitment, we will make Pakistan a strong and vibrant economy. Let today mark the beginning of that journey.”
The conference was attended by high-level delegates, including Deputy Prime Minister Ishaq Dar, Pakistan’s Ambassador to China Khalil Hashmi, federal ministers, the Chairman of the China Council for the Promotion of International Trade, and other dignitaries.
