Pakistan and China have always shown a keen interest in strengthening their ties to enhance the economic benefit of their bilateral relations.
This strong economic relationship can be seen in the China-Pakistan Economic Corridor (CPEC). Chinese firms are increasingly interested in Pakistan, which creates new opportunities for closer ties despite changes in global and regional dynamics.
Pakistan recently hosted a delegation from NORINCO, a Chinese state-owned company that expressed interest in investing in the country. According to a Ministry of Commerce official, the Chinese giant company NORINCO (China North Industries Corporation) is interested in investing in Pakistan’s renewable energy and infrastructure sectors. A company official revealed that the company is particularly interested in solar and wind power projects that would help the country overcome its energy crisis.
Earlier in May, Sinovac expressed interest in collaborating with Pakistan on the diagnosis, prevention, and treatment of diseases. During a meeting with Prime Minister Shehbaz Sharif, Sinovac’s delegation briefed him on the vaccine that Sinovac distributed to Pakistan.
Furthermore, a leading Chinese textile company has acquired 100 acres of land on Lahore-Kasur Road to establish a textile cluster. This project is intended to provide 20,000 job opportunities and is expected to require an investment of $250 million. The official described the project as an important initiative.
Additionally, in February, a consortium consisting of three Chinese companies expressed an interest in establishing a metal and paper reprocessing park in Gwadar. According to the official, the Chinese consortium plans to invest approximately $3.5 billion in the project, and the park is expected to be completed in two to three years.
A prominent economist, Dr. Zafar Mahmood, stated that Chinese companies have shown a great deal of interest in investing in Pakistan since the establishment of the CPEC. “With Chinese public and private companies increasingly interested in investing in Pakistan, Pakistan’s economy and industry will inevitably benefit,” he added.
According to Dr. Zafar, China’s involvement in the energy sector in Pakistan will resolve Pakistan’s incessant energy shortage problem. The growing interest of Chinese companies in investing in Pakistan is a positive sign for the economy.