Chinese President Xi Jinping seals new partnerships during his Pakistan trip. (Photo : Reuters)
Chinese President Xi Jinping sealed a total of 51 agreements and memoranda of understanding worth $46 billion on the first day of his state visit to Pakistan.
Over 30 of the agreements are geared at strengthening the China-Pakistan Economic Corridor project. The joint endeavor will connect China's Kashgar in the autonomous region of Xinjiang Uyghur to Gwadar Port on the Arabian Sea.
Gwadar Port is located 400 kilometers from the Strait of Hormuz. Along with the port renovation, a 14-kilometer expressway and an airport will also be established in the area.
Following the early results of the Gwadar Port project, 25 more joint ventures are expected to be completed within the span of three to five years.
Meanwhile, 21 of the agreements are centered on energy-related endeavors. Through the partnerships, China and Pakistan will team up for coal, gas and solar energy schemes that aim to provide 16,400 megawatts of electricity.
Pakistani Prime Minster Nawaz Sharif said that Xi's visit is a "watershed in the history of our relations."
Pakistani officials also echoed the same insight, saying that Xi's trip to their country is "fate-changing." The authorities regarded the newly inked partnerships as a "milestone" in the Sino-Pakistani relations.
Xi also extended his satisfaction over his Pakistan trip's achievements. The Chinese president also ensured that the country would continue supporting Pakistan, especially on the matter of its free financial assistance offering.
"For China, the project will not only fulfill its political promises but also bring benefits for the stability and development of its western areas," Tang Mengsheng, Peking University's Pakistan Studies Center director, remarked.
