Pakistan Prepares to Welcome Chinese Prime Minister Mr. Li Qiang and Hopes to Clinch Some New Deals
Pakistan is gearing up for the visit of Chinese Prime Minister Li Qiang, hoping to finalize new deals amid its adjusted investment expectations from Gulf nations, now set at $27 billion over five years. While the exact number of agreements remains undecided, the Ministry of Foreign Affairs has identified 41 potential deliverables for the visit. Planning Minister Ahsan Iqbal expressed concerns about the Foreign Ministry's unilateral finalization of CPEC deliverables without broader consultation.
This visit will mark the first by a Chinese prime minister in 11 years, coinciding with the Shanghai Cooperation Organization (SCO) Summit. Key proposals include the financial closure of multiple hydropower projects and a Cooperation Plan aligning CPEC with China's Belt and Road Initiative. Other anticipated agreements encompass offshore oil exploration, tax avoidance treaties, and various educational and infrastructural collaborations.
Additionally, Pakistan seeks to sign a currency swap agreement, potentially a significant milestone. As it navigates this diplomatic landscape, Pakistan aims for a total of 18 Memorandum of Understanding (MoUs) across sectors, highlighting its commitment to enhanced cooperation with China.
In tandem, Iqbal announced expectations of receiving $27 billion from Gulf nations, a substantial reduction from earlier projections of $70 billion due to past investment challenges. Despite setbacks, the Special Investment Facilitation Council (SIFC) has made strides in policy facilitation, laying groundwork for future investments.