Prime Minister Shehbaz Sharif has instructed Pakistan’s ambassador to China to facilitate meetings for the Finance and Power Ministers with Chinese authorities to discuss their proposed plans.
ISLAMABAD: Pakistan’s Finance Minister and Power Minister are currently in Beijing to engage in talks with senior Chinese officials regarding significant financial cooperation topics. These include the issuance of Panda Bonds, loan re-profiling, and converting imported coal power plants to Thar coal, sources from the Finance Ministry informed Business Recorder.
The Prime Minister directed Pakistan’s ambassador to China to ensure that Finance Minister Muhammad Aurangzeb and Power Minister Awais Leghari meet with the appropriate Chinese authorities. Both ministers have already communicated their proposals to the Chinese authorities through diplomatic channels.
On July 20, 2024, the Prime Minister chaired a meeting to follow up on his visit to China from June 4-8, 2024. Sources added that the discussions focused on various issues related to Chinese investment and the security of Chinese nationals in Pakistan.
Pakistan Seeks Access to Chinese Capital Markets
The Prime Minister instructed the Ministry of Foreign Affairs and the Board of Investment (BoI) to immediately share their presentation and plans for relocating Chinese industry to Pakistan with the Chinese government, through both the Chinese ambassador in Islamabad and Pakistan’s ambassador to China. The Chinese government must be fully briefed on the proposed B2B JV arrangement plan.
Regarding CPEC projects, the Planning Minister was tasked with ensuring timely follow-up meetings with relevant ministries, focusing on:
1. Convening a Joint Financing Committee meeting for ML-1;
2. Hosting a visit from a team of Chinese experts to Pakistan;
3. Advancing the Sukkur–Hyderabad Motorway project on a PPP basis;
4. Regularly holding JCC and JWG meetings.
The Prime Minister also directed the concerned ministries, led by the Ministry of Planning, Development, and Special Initiatives, to prepare for the arrival of a team of Chinese experts on July 30, 2024. All logistics and program details should be finalized, and security arrangements will be handled by the Interior Ministry. A preliminary meeting will be chaired by the Prime Minister on July 28, 2024.
Other Key Directives
Minister for Economic Affairs Ahad Cheema has been instructed to address the issue between the Ministry of Commerce and Port Qasim Authority (PQA) regarding the allocation of land for establishing a Textile EPZ, with the involvement of SIFC as the land was recently earmarked for use by DP World.
The Water and Power Development Authority (WAPDA) is to seek exemptions through the SIFC mechanism from advertising procurement consultancies for establishing safe cities in Dasu and Chilas (Diamer Bhasha). If multilateral donors are involved, the Ministry of Finance may assist WAPDA, citing previous exemptions granted to the FBR. The Ministry of Interior will provide a detailed briefing on the security of Chinese nationals on July 28, 2024.
The Ministry of National Food Security and Research is to follow up on discussions with the Chinese side, outlining priority subjects, specific timelines, qualification criteria, merit, and provincial quotas for selecting 1,000 agriculture students to study at Chinese agricultural universities.
A committee chaired by the deputy chairman of the Planning Commission will recommend that it be mandatory for all upcountry goods to be shipped through Gwadar Port to maximize its functionality.
For the proposed inauguration of Gwadar International Airport during the Chinese premier’s visit to Pakistan, the planning minister has already shared the idea with China’s Ministry of Foreign Affairs, which should be followed up.
Additionally, the approval for hiring local BoI staff at Pakistan’s Mission in China, as proposed by the Ministry of Commerce, should be expedited.
