Saturday June 15, 2024

‘China to invest in AI, science, agriculture, solar energy in Pakistan’

Announcement came after high-level negotiations attended by a Pakistani delegation

By Israr Khan
June 09, 2024
The Chinese national flag is seen in Beijing, China. — Reuters/File
The Chinese national flag is seen in Beijing, China. — Reuters/File

ISLAMABAD: Chinese business groups have committed to significant investments in Pakistan, targeting critical sectors such as Artificial Intelligence (AI), science and technology, modern agriculture, solar energy, healthcare, logistics, and infrastructure.

The announcement came after high-level negotiations attended by a Pakistani delegation, where enhancing e-commerce through cooperation with China was also identified as a key agenda item due to its growing importance. The discussions underscored the potential for expertise in supply chain market sectors to drive economic growth. Enhancing e-commerce in Pakistan through cooperation with China was also a key agenda item, given its critical importance. These investments are expected to significantly bolster Pakistan’s technological and economic development, marking a new era in the bilateral relationship between the two nations.

During a visit to China by Pakistan’s Prime Minister and Federal Ministers aimed at attracting investment across various sectors, significant progress was made in securing commitments. On Saturday in Beijing, Federal Minister for Investment Board, Communications, and Privatization Abdul Aleem Khan held pivotal discussions with China’s CZK Huarui Group.

Minister Khan assured the Chinese authorities of a favorable investment environment in Pakistan, highlighting the significance of strong trade relations between neighboring countries like China and Pakistan. He emphasised the positive regional impact of these trade relations.

CZK Huarui Group’s Chairman Liu Yafie, General Manager Sophia Lee, Davi Dong, Chen Wenlong, and Shi Jie assured the Pakistani delegation that their group would play a major role in increasing import and export activities in Pakistan. They also highlighted the importance of bilateral collaboration in industry-academia research and asset management.

Federal Minister for Commerce Jam Kamal Khan, who was also present at the meeting, assured the Chinese authorities of full cooperation in trade matters and appreciated their interest in large-scale investments in Pakistan.

In a separate meeting, the delegation from Tangshan Donghua Iron and Steel Group met with Minister Abdul Aleem Khan to discuss investment opportunities in various sectors, including Pakistan Steel Mills and the iron industry. Senior Advisor to the Chairman of Donghua Group, Ms. Luo Shu, briefed Minister Khan on the potential for investment by her organization in Pakistan and discussed bilateral trade issues.

These meetings underscore the ongoing efforts to strengthen economic ties and enhance bilateral trade and investment between Pakistan and China.

Meanwhile, federal power minister Awais Leghari held a meeting with President Zhenguo Lee of Longi Green Energy Technology Company Limited— the world’s largest solar manufacturing company. During the meeting, Leghari briefed the company on Pakistan’s solar energy capacity and ongoing initiatives to increase the share of renewable energy in the country’s energy mix.

“Pakistan is rapidly increasing the proportion of renewable energy in its energy mix,” Leghari said, emphasizing the country’s commitment to sustainable energy sources.

Zhenguo Lee expressed Longi Green’s commitment to supporting the growth of solar energy in Pakistan, assuring collaboration and assistance to promote solar initiatives in the country.

Leghari extended an invitation to Longi Green Energy Technology to establish a solar manufacturing plant in Pakistan, highlighting the mutual benefits of such a venture.

The meeting underscored Pakistan’s efforts to enhance its renewable energy infrastructure and the potential for international cooperation in achieving these goals.