Prime Minister Shehbaz Sharif invited greater Chinese investment in Pakistan’s artificial intelligence, technology and industrial sectors, as Islamabad seeks to steer the next phase of its economic partnership with Beijing beyond traditional infrastructure projects.
Sharif made the remarks during a visit to the headquarters of IBI Corporation in Beijing, where more than 150 Chinese companies and business representatives attended a meeting focused on industrial cooperation between the two countries, according to a statement issued by the prime minister’s office.
Pakistan has increasingly sought to reposition the multibillion-dollar China-Pakistan Economic Corridor (CPEC), part of China’s Belt and Road Initiative, toward industrial cooperation, technology, mining and special economic zones under what officials describe as the corridor’s second phase. The original phase of CPEC focused largely on highways, energy plants and transport infrastructure.
The renewed push also comes as Pakistan seeks to attract foreign investment to support an economy recovering from a prolonged financial crisis that forced Islamabad into a $7 billion IMF bailout program approved in 2024.
“Under CPEC 2.0, Artificial Intelligence (AI) and Information Technology are among Pakistan’s four most important priority programmes that the government is pursuing on a fast-track basis,” Sharif said during the event, part of his visit to China from May 23-26.
The prime minister said Pakistan would provide “full support” and “every possible facilitation” to Chinese companies seeking to expand business activities in the country.
Sharif also highlighted investment opportunities in Pakistan’s special economic zones, including a planned industrial zone near Port Qasim in Karachi that he said would span more than 6,000 acres and offer modern infrastructure and facilities to investors.
He told participants Pakistan was also focusing on technical training and skills development for young people to support future cooperation between Pakistani and Chinese companies in emerging industries.
“Youth is our future and Pakistan-China cooperation would further strengthen through their close relations,” Sharif said.
China is Pakistan’s largest bilateral lender and biggest foreign investor, with tens of billions of dollars committed under CPEC since the initiative was launched in 2015. Pakistani officials hope the next phase of the project will generate more private-sector investment, industrial activity and employment after years of focus on energy and transport infrastructure.
Source: Arab news
