Islamabad: Chinese President Xi Jinping on Monday announced investments worth $46 billion in Pakistan in projects that would give his country direct access to the Arabian Sea and beyond. He signed over 50 agreements related to infrastructure and energy along with Pakistan Prime Minister Nawaz Sharif shortly after arriving on a two-day visit along with a powerful delegation.
These investments are aimed at building a network of roads, railway lines and pipelines covering some 3,000 km to link Chinese Xinjiang province with strategic warm-water deep-sea port in Pakistan's southern coastal city of Gwadar as part of the China-Pakistan economic corridor. The port jointly built by Pakistan and China with a cost of about $248 million was opened in March 2007.
Sharif said the corridor would transform his country into a regional hub and pivot for commerce and investment. “It will also enable China to create a shorter and cheaper route for trade and investment in south, central and west Asia, the Middle East and Africa. This corridor will become a symbol for peace and prosperity,” Sharif said. He assured Chinese investors foolproof security as the corridor would pass through restive Baluchistan province where a separatist insurgency has been raging for years.
In Beijing, Chinese foreign ministry said the agreements include deals on security and defence issues. “We also believe that bilateral cooperation in security and economic fields should advance in parallel and reinforce each other,” Chinese foreign ministry spokesman Hong Lei said.
“The Chinese side is willing to deepen defence cooperation and enhance coordination and collaboration with the Pakistani side on regional hot-spot issues,” he added.
'Nishan-e-Pakistan' awarded to Xi
Meanwhile, Pakistan on Tuesday conferred its top civilian award 'Nishan-e-Pakistan' to Xi for his outstanding contribution in promotion of relationship between the two countries. The award-giving ceremony was organised at the President House where president Mamnoon Hussain conferred the award on Xi.
The ceremony was attended by Prime Minister Nawaz Sharif, federal ministers, members of National Assembly and Senate, services chiefs and Chinese delegation.
