Major agreements signed during SCO Summit boost bilateral cooperation
bY OUR CORRESPONDENT
ISLAMABAD: Pakistan’s economy is showing signs of stabilization thanks to the efforts of the Special Investment Facilitation Council (SIFC) and significant agreements with China, marking a pivotal moment in bilateral relations. The recent Shanghai Cooperation Organisation (SCO) Summit hosted in Pakistan saw Chinese Premier’s visit result in several landmark agreements, including a $6.8 billion investment for the ML-1 railway project, to be implemented in three phases.
This cooperation extends to infrastructure development, with agreements for a $400 billion motorway project and a $1 billion road project along the Karakoram Highway. The inauguration of the Gwadar International Airport, developed at a cost of $200 million under the China-Pakistan Economic Corridor (CPEC), further cements this partnership.
Additionally, memorandums of understanding were signed between the State Bank of Pakistan and the People’s Bank of China for currency swap arrangements. These agreements also cover collaboration in food security, healthcare, and education sectors through SIFC facilitation.
