Pakistan, China pledge to stay through thick and thin

Pakistan, China pledge to stay through thick and thin

ISLAMABAD Dec 20 (APP): Chinese Premier Wen Jiabao’s visit was to renew the pledge that Pakistan and China would stand together through thick and thin, and build a common destiny. Pakistan and China set a new pace of fostering their mutually beneficial six decades long relations by taking concrete steps to put their economic and trade cooperation on a new footing to bring prosperity to the region. During the three-day visit of the Chinese Premier the two governments signed agreements and memorandums of understanding to expand their cooperation in multifaceted fields. The two sides held in-depth discussions on every facet of their growing ties during the meetings with President Asif Ali Zardari, Prime Minister Syed Yusuf Raza Gilani, Senate Chairman Farooq H Naek, National Assembly Speaker Dr. Fehmida Mirza, chiefs of armed services and leaders of political parties. Pakistan and China on Friday inked 13 agreements and memoranda of understanding (MOUs) on cooperation in economy, energy, banking, security and technology. On Saturday, Pakistan and China inked another 22 agreements between the business sectors of the two countries, aimed at expanding economic ties. These 35 agreements will bring in around US 25 billion dollars Chinese investment to Pakistan . The business sector agreements were signed at a Pak-China Business Forum, which was attended by about 250 Chinese business leaders and prominent Pakistani entrepreneurs. The Business Forum was convened specifically to help the two countries achieve the target of 18 billion dollars trade by 2015. The MOUs were signed for establishment of cultural centres, for launching of joint Urdu programmes by Radio China and Radio Pakistan and for cooperation between securities regulatory commissions of the two countries. An agreement to provide licence to establish Industrial and Commercial Bank of China (ICBC) by the State Bank of Pakistan (SBP) was signed by SBP Governor Shahid Hafeez Kardar and ICBC President  Yang Kaisheng. China also announced $10 million grant for citizens compensation programme for flood victims and $400 million concession loan to help meet their needs. Both the countries agreed to further intensify cooperation in infrastructure development, energy and agriculture on a priority basis.