BEIJING (TIP)- Pakistan Prime Minister Shehbaz Sharif failed to secure funding and investments for the China-Pakistan Economic Corridor Phase-2 during his recent visit to Beijing, and he had to return to Islamabad with no new investments or mega projects and only with MoUs. A high-powered delegation led by Sharif to China did not secure any new Chinese investments as Beijing told them to seek new investments through the Business-to-Business Investment Conference, a top diplomatic source told CNN-News18.
Sharif was on a six-day visit to China to attend the Shanghai Cooperation Organisation Summit in Tianjin. He also attended the WWII Victory Day parade in Beijing.
The top source said that during the B2B Investment Conference, the Chinese investors raised security concerns with the Pakistani Prime Minister, to which Sharif admitted to the security risks in Pakistan and attempted to assure safety for Chinese investors in his country.
He also went on to announce the formal launch of CPEC 2.0 unilaterally without Chinese officials. China has not issued any statement in this regard yet.
During Sharif’s visit to China with top cabinet members, the Chinese and Pakistani companies signed $7 billion Memoranda of Understanding (MoUs) and $1.54 billion joint ventures (totaling $8.5 billion) in sectors including agriculture, electric vehicles, solar energy, health, chemical and petrochemicals, irons and steel besides others, at the Second Pakistan-China Business-to-Business B2B Investment Conference.
According to the source, Chinese investors informed Sharif about Pakistani bureaucratic hiccups and delays in the smoother operations of the investments in the country.
Addressing the security concerns of Chinese nationals in Pakistan, Sharif said that the safety of Chinese citizens is paramount for Pakistan.
Addressing concerns about Pakistan’s bureaucratic delays, the Pakistani PM assured the Chinese investors that his administration will remove all red tape hiccups in investments, the source said.
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