China shows unflinching commitment to strengthen Pakistan’s economy

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China showed unflinching commitment to strengthen Pakistan’s economy during 2022, Gwadar Pro reported on Friday.

Amid economic instability, Net Foreign Direct Investment (FDI) in Pakistan dropped 52.1% during the first four months of the ongoing fiscal year (FY23), clocking in at just $348.3 million, revealed State Bank of Pakistan (SBP) data.

Details showed that, during the same period, the highest FDI inflows came from China during the July-November period, amounting to $102.5 million.

Despite the economic and political crises, the all-weather friend of Pakistan, China, remained the largest investor during the last fiscal year, as it made notable investment in its ongoing power, telecom, and financial projects.

China made the single largest investment of net $532 million in Pakistan in FY22, followed by the United States which injected net $250 million during the year.

More recently, CPEC has given Pakistan a rare chance to boost FDI and private investment and restructure its economy.

In 2022, China and Pakistan announced three new corridors including Green, Digital and Health corridors which will usher in a new era of development in Pakistan.

Agriculture, food security, and green development will be the focus of the Green Corridor.

Moreover, given the skill of our young people, we can state without a doubt that Pakistan has enormous potential in the digital corridor.

China has been a technical powerhouse in recent years, and its investment in the creation of suitable training facilities in the nation will help Pakistan maximise the potential of the youth. Similar opportunities exist for collaboration in the health and medical fields.