KARACHI: China has completed joint venture agreements worth $1.5 billion with Pakistan and signed memoranda of understanding valued at about $9 billion in agriculture, automotive and minerals, Federal Minister for Investment Qaiser Ahmed Sheikh said on Thursday.
Speaking to local media, Sheikh said Beijing is also expected to invest an additional $10 billion in Pakistan in the near term, reflecting growing international interest in the country’s economy.
He said a government-led delegation of around 300 Pakistani business representatives recently visited China to advance commercial partnerships across multiple sectors.
The minister added that authorities are planning to connect the Reko Diq mining project with Karachi through Chagai via a dedicated railway line and a new highway. He said Pakistan is also seeking about $7 million from international financial institutions to support development of an economic corridor linking Chagai to Karachi.
Sheikh said agriculture and mining are expected to attract the largest share of foreign direct investment in the coming period.
Separately, addressing the 8th Pakistan Leadership Conversation hosted by ACCA, the minister said Pakistan’s goal of becoming a trillion-dollar economy depends on coordinated progress across policy, capital, industry and institutions.
He also highlighted the potential of digital technologies, artificial intelligence and fintech to support economic growth if expanded beyond pilot initiatives.
