Wen ends 3-day Pakistan visit after committing to $25b investment

December 20, 2010 - 0:0

ISLAMABAD (Agencies) – Chinese Premier Wen Jiabao left Pakistan after completing a three-day official visit and committing to investment worth $25 billion within the next three years, reported Associated Press of Pakistan.

Before his departure Wen delivered a speech at the Pakistani parliament here on Sunday, calling on the two countries to advance their strategic partnership of cooperation and join hands to shape the future.
""To cement and advance the all-weather strategic partnership of cooperation between China and Pakistan is our common strategic choice,"" he said.
Addressing Pakistani lawmakers, Wen highlighted the true friendship between China and Pakistan, saying that the two neighboring countries are ""brothers forever.""
Recalling Pakistan's consistent and full support to China in the past at some crucial junctures and on various issues, including issues concerning Taiwan, Tibet and Xinjiang, Wen said that China received valuable help from Pakistan.
On trade and finance, Wen said China backs Pakistan's endeavor to develop itself through expanded international trade and investment cooperation.
Wen oversaw signing of 22 agreements for cooperation in agriculture, food, machinery, and space and upper atmosphere research on Saturday. Few details of the agreements have been released. Both sides also agreed on targeting an increase in bilateral trade to $18b by 2015, from $7b in 2009.
Wen announced a $400 million loan to help Pakistan tackle the financial impact of the floods, and a cash grant of $10m to compensate some 10 million rendered homeless.
The two countries signed a free trade agreement in November 2006 that is expected to go into full effect in 2011.
""China welcomes Pakistan's effort to capitalize on the preferential terms in the bilateral FTA to expand exports to China,"" Xinhua quoted Wen’s speech in the parliament on Sunday.
Wen also said China may explore the possibility of a currency swap agreement with Pakistan.
China has decided to provide 500 university scholarships to Pakistan in the next three years, and 100 Pakistani high school students will be invited to participate in the Chinese Bridge Summer Camp in China, Wen said.
China and Pakistan officially established diplomatic ties in 1951 and the two sides will celebrate the Year of China-Pakistan Friendship in 2011.
Confronted by many difficulties and challenges, Pakistan is now at a critical juncture, Wen said.
He expressed his confidence that Pakistan will tide over the difficulties and embrace new hope and new development. ""The Chinese government and people will stand firm with you in getting through the tough times,"" he said.
Wen arrived in Pakistan on Friday for a three-day visit after his trip to India.
He met with Pakistani President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani as well as military leaders.
China and Pakistan sealed a number of trade deals worth about 10 billion U.S. dollars during Wen's visit.
Photo: Wen Jiabao, the Chinese premier (L) and his Pakistan counterpart Yousuf Raza Gilani arrive for a tree-planting ceremony in Islamabad Saturday. (Photo: AP/Anjum Naveed)