China has planned to invest huge money to build proposed Pak-China Economic Corridor linking its Xinkiang province with Gwadar Port in Balochistan. During his visit to Pakistan, Chinese President Xi Jinping has singed 51 agreements and Memoranda of Understanding for cooperation in diverse fields, envisaging a whopping $45 billion worth Chinese investment in Pakistan. The projects like economic corridor, roads, rails and pipeline links will cut several thousand kilometers distance to transport oil from the Middle East to China’s mainland. The two countries enjoy cordial diplomatic and military relations for decades while economic ties have grown more in recent years. The trade volume between the two countries crossed $12 billion last year compared to only $2 billion a decade ago. The overjoyed prime minister sees the agreements signed by the two countries as promising which are entailed with sound financial and technical backing and stressed that Pakistan’s friendship with China is the cornerstone of the country’s foreign policy. He also says that there are strong public sentiments driving our relations with China, providing a sound basis for their strength. Sharif says that the most prominent hallmark of Pakistan-China relationship is the consistency and resilience, irrespective of political developments, changes in the two countries and major regional and international developments.
The relations between Pakistan and China have remained robust and are based on shared ideals and principles of mutual trust, benefit and respect. In his view, President Xi’s visit will further cement ties between the two countries and it will give new boost to the strategic partnership and friendly ties with Pakistan. Xi assured Sharif that China will continue to play its part for sustainable socio-economic development of Pakistan with particular focus on development in Balochistan province. The Chinese president sees next 10 years as the most important to further strengthen economic strategic partnership with Pakistan.
The real opportunity lies in the economic corridor which will prove to be game changer and will enhance the scope of the relationship from geopolitics to geo-economics. According to newspaper reports, the upgrade will stretch 3,000 kilometers from Gwadar Port to China’s western city of Kashgar. The Pakistani government has already transferred control of the Gwadar Port to a Chinese public company, giving China access to warm waters. At least $11 billion will be spent on the construction of the corridor. Pakistan and China are also set to cooperate in gas, coal and solar energy projects to provide 16,400 megawatt of electricity to the country. There is no doubt in the good wishes expressed by the leaders of the two countries. But one thing should be cleared that thousands of memoranda of understanding signed between the two countries have already gone to oblivion. The new agreements should not meet the same fate.
