ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar will depart for China next week for important talks on bilateral trade, cooperation and the development of a multi-billion dollar infrastructure corridor, state media reported on Sunday. .
The Chinese government has been one of Islamabad’s most reliable foreign partners in recent years, often actively providing financial aid to help its troubled neighbour. Last July, China granted Pakistan a two-year rollover of a $2.4 billion loan, giving the debt-laden country much-needed breathing room as it grapples with its balance of payments crisis.
Dar will leave for Beijing on Monday for a four-day official visit, during which he will also co-chair the 5th Pakistan-China Foreign Ministers’ Strategic Dialogue with Chinese Foreign Minister Wang Yi.
“Both sides will comprehensively review bilateral relations between Pakistan and China, including economic and trade cooperation, high-level exchanges and visits. Development of the China-Pakistan Economic Corridor and efforts for future connectivity,” state Radio Pakistan said. said.
China has invested more than $65 billion in energy infrastructure projects as part of the China-Pakistan Economic Corridor (CPEC). The project is part of President Xi Jinping’s ambitious Belt and Road Initiative. CPEC aims to provide China with a shorter and safer trade route through Pakistan to the Middle East and beyond.
Since its launch in 2013, CPEC has funneled tens of billions of dollars into major transportation, energy and infrastructure projects. But the business has also been hurt by Pakistan’s struggles to meet its financial obligations and by attacks on Chinese targets by militants.
“The two leaders will also exchange views on the unfolding geopolitical situation in the region and bilateral cooperation at a multilateral forum,” state media reported.
Foreign Ministry Spokesperson Mumtaz Zahra Baloch said Dar’s visit reflects the importance of the two countries deepening their “all-weather strategic cooperative partnership.”
Dar’s visit to China comes as Pakistan looks to its allies for overseas investment as it seeks to weather an economic crisis that has seen its foreign exchange reserves fall to low levels and its currency depreciate against the dollar.
Islamabad has been visited by diplomatic and business delegations from Saudi Arabia, Japan and Uzbekistan in recent weeks. Prime Minister Shehbaz Sharif has vowed to ensure a business environment in Pakistan for foreign investors and traders.
