Islamabad: China and Pakistan concluded nearly $15 billion worth of deals on Saturday, as Chinese Premier Wen Jiabao said Beijing would "never give up" on the troubled nuclear-armed country.
Business leaders formalised paperwork — adding to the $20 billion worth of deals signed on Friday — under blanket security at Islamabad's five-star Marriott Hotel.
Wen and his Pakistani counterpart Yousuf Raza Gilani presided over a ceremony where business leaders inked 22 agreements and 17 memoranda of understanding as broadcast by state television. "We signed 18 agreements today [Saturday] worth close to $15 billion and we hope to grow further together in coming years," said Sultan Ahmad Chawla, president of Pakistan's chamber of commerce and industry.
According to a list handed out to journalists, the biggest deal was $6.5 billion earmarked to develop wind and solar power sources. Pakistan suffers from a debilitating energy crisis and produces only 80 per cent of the electricity it needs.
Though not specifically mentioned, behind-the-scenes talks were expected on China building a one-gigawatt nuclear power plant as part of Pakistani plans to produce 8,000 megawatts of electricity by 2025 to meet its energy shortfall.
Security concerns
Yesterday was declared a public holiday by the Islamabad city administration, apparently for security reasons. The country is on high alert for suicide attacks and bombings blamed on the Taliban and Al Qaida-linked extremists.
"We have established an all-weather friendship and engaged in all-round cooperation. The China-Pakistan relationship has withstood the test of time and changes [on] the international landscape," Wen told the audience at a lunch held in his honour.
"Under no circumstances we will give up on our commitment to pursuing this partnership."
President Asif Ali Zardari was poised to host a banquet for the Chinese premier yesterday and today. Wen is expected address a special session of the Pakistani parliament.
The Chinese leader announced $10 million grant for flood victims and a $400 million soft loan for reconstruction and rehabiliation works in areas hit by the unprecendented deluge this year.
Wen said China would continue to help Pakistan in the post-disaster phase and would also provide resources and technical support to Pakistan for disaster prevention and forecasting technology.
Cash compensation
Gilani said 20 million people were affected by the floods and the government was giving $1,250 to each family whose house had been damaged in the floods. He appealed to the world to contribute to the government's national programme for cash compensation.
Pakistan's information minister Qamar Zaman Kaira told reporters that a $25-$30 billion in Chinese investment was expected in different sectors in Pakistan in the years ahead.
Wen inaugurated a Pakistan-China Friendship Centre. which will provide a platform for the promotion of mutual cultural ties.
He unveiled a plaque of the Centre at Shakarparian hill garden in Islamabad along with Gilani. The foundation of the centre was also laid by Wen back in April 2005 and it has been built at a cost of Rs3 billion. The white building is to be used for cultural exchanges, conferences and other displays.
Gilani added that Pakistan supports the one-China policy and "condemns any attempt to undermine China's sovereignty and territorial integrity".
Gilani said the two countries shared the ideals of a safe, secure and prosperous neighbourhood and a region free from strife and conflict. "We want this vision to be translated into reality," he added.
Wen said both countries were good neighbours and had marched ahead through thick and thin together and the relationship had moved into the strategic sphere. China is Pakistan's closest friend in Asia, giving Islamabad military aid and technical assistance, including nuclear technology.
— With inputs from agencies
