Pakistani and Chinese businessmen signed deals worth $15 billion on Saturday as Chinese premier Wen Jiabao demonstrated Beijing's assertive trade diplomacy on a visit to Islamabad.
Pakistani and Chinese businessmen signed deals worth $15 billion on Saturday as Chinese premier Wen Jiabao demonstrated Beijing's assertive trade diplomacy on a visit to Islamabad.
The 18 deals signed by the private sector added to nearly $20 billion worth of agreements concluded by the governments of the two countries during Wen's trip, which came hard on the heels of his visit to Pakistan's rival, India.
The latest contracts cover cooperation in oil and gas, mining, space technology, heavy machinery manufacturing, seafood, oceanology and electronics.
While boosting trade and investment has been the main focus of Wen's visit — the first in five years by a Chinese premier — analysts say the trip is largely aimed at giving assurance to old friend Pakistan that China's improving ties with India do not come at Islamabad's expense.
Wen signed $16 billion in deals in India before arriving in Islamabad on Friday, but his visit to Pakistan was about more than money. "It's a clear signal of China's growing, assertive diplomacy," said independent analyst Hamayoun Khan. Khan said China was investing in Pakistan to such a large degree for two reasons: because it sees the country as a genuine friend, and because it irks India.
Sino-Indian relations have been dogged by long-standing border disputes, which led to a war nearly four decades ago. Since then, though, the world's two fastest-growing big economies have forged a major trade relationship over the years. "They (China) do not want Pakistan to be entirely dependent on the United States and the International Monetary Fund, and then get dictation from them," Khan said.
"China's massive investment in this time proves two things. One is that China is a genuine ally of Pakistan, and second, it is a clear signal to the US that if the US supports India against China, China will support Pakistan."
Such naked displays of realpolitik were not on display in Islamabad, however. "To further advance our strategic partnership and cooperation is the firm policy of the Chinese government," Wen said at a banquet hosted by Pakistani PM Yusuf Raza Gilani. "Under no circumstances, will we waver in our commitment to pursuing this partnership."
Gilani said cooperation between Islamabad and Beijing was "not directed against any country."
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