Shehbaz Sharif’s China visit termed significant for Pakistan economy

LAHORE, June 8: Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq said on Friday afternoon that Prime Minister Shehbaz Sharif’s current visit to China marked a pivotal moment in Pakistan-China relations, with significant implications for Pakistan’s economy and the ongoing development of the China-Pakistan Economic Corridor (CPEC) besides further cementing bilateral ties between two countries.

Mian Kashif Ashfaq, member of premier entourage, said in a statement issued here that that during this visit, several Memoranda of Understanding (MOUs) were signed, reflecting a deepening of economic and strategic cooperation between the private sectors of either countries.

He elaborated that the MOUs span various sectors, including infrastructure development, energy, trade and technology. These agreements would provide a substantial boost to Pakistan’s economy by attracting Chinese investment and expertise, he added.

Mian Kashif Ashfaq maintained that by fostering closer economic ties, these MOUs aim to enhance Pakistan’s industrial capacity, improve its infrastructure, and create job opportunities, thereby stimulating economic growth.

He mentioned that one of the central themes of PM visit was the advancement of second phase of CPEC. “This phase focuses on industrialization, agricultural cooperation and socio-economic development adding by prioritizing these areas, both countries aim to transform CPEC from a mere infrastructure project into a comprehensive economic partnership that benefits a wide range of sectors. This shift was poised to lead the establishment of special economic zones, which would attract further investment and promote industrial growth in Pakistan,” he added.

Mian Kashif said the visit also underscored the strategic importance of the Pakistan-China relationship. “By strengthening bilateral ties, both countries are reinforcing their commitment to mutual development and regional stability. The collaboration would enhance Pakistan’s position as a key player in regional trade and geopolitics, leveraging China’s Belt and Road Initiative to its advantage,” he contended.