News & Reports News Year 2010 December , 2010 China & Pakistan , Pakistan, China sign $35bn deals

China & Pakistan , Pakistan, China sign $35bn deals

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Pakistan and China have inked a number of economic agreements worth 35 billion dollars during a visit by Chinese Premier Wen Jiabao to Islamabad.

The energy, security, banking and technology deals were signed in the presence of Pakistani Premier Yousaf Reza Gilani and his visiting Chinese counterpart in Islamabad on Saturday.

The agreements also pave the way for China to increase its investment in Pakistan by $30 billion over the next five years, Islamabad said.

Addressing a Pakistan-China Business Cooperation Summit in Islamabad, Wen hailed the growing cooperation between the two neighbors.

The Chinese premier also told Pakistani lawmakers on Sunday that both states should develop their “strategic cooperative partnership.”

"To cement and advance the all-weather strategic partnership of cooperation between China and Pakistan is our common strategic choice," China's Xinhua news agency quoted him as saying.

The Pakistani government announced special incentives for Chinese investors -- including duty free import of plants and machinery.

China is the main supplier of military hardware to Pakistan. The new deals came as Sino-Pakistani trade has notched up a six-fold increase compared to 2000, now standing at $7 billion.

The two sides plan to more than double that figure to $18 billion by 2015.

However, Pakistani officials believe the amount of bilateral trade with China pales beside what Beijing has accomplished with their arch rival, India.

During his visit to New Delhi on Thursday, Wen agreed to double bilateral trade to 100 billion dollars by 2015.

The Chinese prime minister wrapped up his three-day visit to Pakistan on Sunday.