Pakistan's economy shows signs of stabilization through the Special Investment Facilitation Council's (SIFC) efforts and various agreements with China, marking a significant milestone in bilateral cooperation.
During the recent Shanghai Cooperation Organisation (SCO) Summit hosted by Pakistan, Chinese Premier's visit resulted in several key agreements, including a $6.8 billion investment for the ML-1 railway project, to be completed in three phases.
The bilateral cooperation extends to infrastructure development, with agreements for a $400 billion motorway project from Sukkur to Hyderabad and a $1 billion road project on the Karakoram Highway. Additionally, both nations inaugurated the Gwadar International Airport, constructed at a cost of $200 million under CPEC.
Memorandums of Understanding (MoUs) were signed between the State Bank of Pakistan and the People's Bank of China for currency swap arrangements. The agreements also encompass cooperation in food security, healthcare, and education sectors through SIFC facilitation.
The SCO Summit, a permanent intergovernmental international organization, successfully hosted in Pakistan, has enhanced the country's global standing and created new avenues for foreign investment.
