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HomeDiplomatic NewsAmbassadorsChina's Envoy Praises Pakistan's Economic Growth, Chinese Companies' Contributions

China’s Envoy Praises Pakistan’s Economic Growth, Chinese Companies’ Contributions

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Islamabad (TDI): Chinese Ambassador to Pakistan, Jiang Zaidong, expressed confidence in the growing strength of China-Pakistan relations, emphasizing enhanced bilateral cooperation in various sectors aimed at bolstering Pakistan’s stabilizing economy.

Speaking at the launch of two reports by the China Chamber of Commerce in Pakistan (CCCPK), Ambassador Jiang underscored the transformative impact of Chinese investments, particularly in Pakistan’s power sector.

The reports, titled “The Glorious 11 Years – How Chinese Companies Reshaped the Power Sector in Pakistan” and “Business Climate Index of Chinese Companies in Pakistan,” were attended by a broad array of Pakistani, Chinese, and international stakeholders.

Ambassador Jiang also said that China’s prime minister would soon visit Pakistan to further elevate bilateral ties and participate in the Shanghai Cooperation Organization (SCO) summit.

Highlighting recent economic improvements, he said, “Under Shehbaz Sharif’s leadership, Pakistan’s economy has rebounded, with GDP recovering to 3.4 percent from negative growth, and inflation dropping from 28.7 percent to 6.9 percent.”

Also Read: Pakistan, China to Discuss CPEC During PM Li Qiang’s Visit

The ambassador noted that Pakistan’s improving foreign reserves were an encouraging indicator for the country’s economic future.

He reaffirmed China’s commitment to supporting Pakistan through infrastructure and development projects.

In his remarks, Senate Chairman Yousaf Raza Gilani, the event’s chief guest, called for deeper regional cooperation to ensure sustainable growth.

He praised the China-Pakistan Economic Corridor (CPEC) as a pivotal factor in shaping Pakistan’s infrastructure and energy landscape, while urging regional integration to adapt to rapidly changing geo-economic and geo-strategic environments.

Also Read: Bilateral Talks: Pakistan China Trade Officials Meet

Gilani also lauded the Global Development Initiative launched by Chinese President Xi Jinping, saying it aligns well with Pakistan’s aim to achieve the Sustainable Development Goals (SDGs).

He emphasized the need to strengthen people-to-people connectivity, which he believes will foster peace and cooperation in the region.

Federal Finance Minister Muhammad Aurangzeb credited Chinese companies for their significant role in improving Pakistan’s energy security.

Chinese Investment in Pakistan’s Energy Sector

He highlighted China’s $20 billion investment in Pakistan’s energy sector, including the establishment of 9,000 megawatts of power projects and 4,000 megawatts of transmission lines, making it the largest foreign investment in Pakistan’s history.

“China has been supporting Pakistan long before CPEC, as seen in projects like the Tarbela Dam,” Aurangzeb remarked, adding that the energy sector’s development is critical for ensuring economic stability.

Former Deputy Senate Chairman Senator Saleem Mandviwalla highlighted China’s enduring support for Pakistan’s infrastructure and energy sectors, calling the relationship “strategic” and “long-lasting.”

He expressed sorrow over the loss of Chinese nationals in a recent terrorist attack in Karachi, emphasizing that Pakistan shares China’s grief.

Information Minister Attaullah Tarar hailed China as Pakistan’s “all-weather friend,” recalling how China came to Pakistan’s aid during the severe energy crisis in 2013, when power outages of up to 19 hours were crippling the economy.

He said that CPEC was instrumental in Pakistan’s recovery and that talks had already begun on the second phase of CPEC, focusing on business-to-business collaboration.

According to the CCCPK report, since 2013, Chinese companies have invested in 46 power projects across Pakistan, spanning coal, nuclear, hydropower, wind, and solar energy.

By the end of September 2024, Chinese investments in Pakistan’s energy sector totaled $13.28 billion, with an additional $6.96 billion planned.

These projects account for 19.07 percent of Pakistan’s total installed power capacity, with engineering projects increasing this figure to 24.19 percent.

Notably, the cost of electricity generation from CPEC projects stands at Rs8.80 per kilowatt-hour (kWh), significantly lower than non-CPEC projects, which cost Rs20.46/kWh.

Chinese-backed projects have generated 229.8 billion units of electricity as of September 2024.

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