Interdisciplinary Journal of Contemporary Research in ... - Webs

ijcrb.webs.com
INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS
businessmen Chinese industries like finance, infrastructure, energy and
telecommunication. In the field of science and technology Pakistan gave a contract to
China Great Wall Industrial Corporation (CGWIC), a space industry service provider ‗to
launch a telecommunication satellite for Pakistan in 2011 from the Xiching Satellite
launch centre in Sichuan' (Yang, 2008).
On technological background for enhancement the economical and military strengths,
China- Pak signed an agreement in 2009 to develop a new satellite, PAKSAT-1R
(Xinhua, 2009). A senior Chinese trade official said in July 2010 that trade between
China and Pakistan could double within five years to hit 15 billion U.S. dollars in 2015
(Free Press Release, 2010). Chinese Minister of Commerce Chen Deming made the
remarks in China-Pakistan Economic Cooperation Forum, called on companies of the two
countries to learn more about and give full play to the existing free-trade agreement,
expand investment and bilateral trade, he also urged the two sides to make full use of
bilateral cooperation mechanisms and make them serve the two countries' trade and
economic cooperation and China‘s investment in Pakistan as expended from resources,
home appliances to communication and finance (Free Press Release, 2010). In 2010, the
China Three Gorges Corporation announced a $100,000 million agreement with Pakistan.
The investment will be utilized to develop two hydro power projects to be located in
Pakistan. On completion, the projects will add 8,200 MW of capacity to the county (Free
Press Release, 2010). The current Pakistan government undertakes more than five-dozen
new projects and nearly 40 MoUs signed (Sabir, 2010). Chinese firms have signed
agreements to buy 2,000 tonnes of Cotan beige and two grades of Mastung beige quality
marble, found in Balochsitan (Sabir, 2010). Another Chinese firm will invest $50 billion
in Punjab during the next 10 years. The investment will be done to build a state-of-art
industrial city, along with an industrial estate on 100,000 acres (Sabir, 2010).
Furthermore, these two states signed an agreement to establish a joint venture company in
the private sector to promote sale of certified hybrid seeds and other varieties of seeds,
which are to be developed according to the soil conditions and environment of Pakistan
(Sabir, 2010). President Zardari stressed on to set up railway line and a pipeline to
Pakistan to China (Sabir, 2010). MoUs were also signed in the fields of health and
Geological Survey of Pakistan and China. An MoU was also signed for cooperation
between Pakistan Broadcasting Corporation and China Radio International for Urdu
service broadcasts in selected Pakistani cities on FM channel with the China Radio
International (CRI). China has promised a 50 million yuan grant for new projects to be
set up in Pakistan (Sabir, 2010). The Chinese PM said his country appreciated Pakistan‘s
policy of ―One China‖ and assured Zardari that China would continue supporting
Pakistan at the UN and multilateral forums, including SAARC and ECO (Sabir, 2010).
Pakistan and China signed here on Wednesday 12 agreements, memorandums of
understanding and protocols to enhance cooperation on a sound footing in various
sectors, including infrastructure, information technology, energy, telecommunication,
agriculture, industry, minerals, trade, disaster relief and space technology(The Nation,
2010). The Chinese policies support in public and private sector to actively invest in
Pakistan based projects. China‘s public and private sector is collaborating in some 250
projects in ‗mega to small and from strategic and regular business‘(Government of
Pakistan, 2008). Over 60 Chinese Companies are already established their permanent
offices in Pakistan. China national Petroleum Corporation, China state construction
COPY RIGHT © 2011 Institute of Interdisciplinary Business Research 161
JANUARY 2011
VOL 2, NO 9