Imran's China visit underlines Pak's financial dependence on Beijing

Pakistan Prime Minister Imran Khan's China visit -- first in the last two years -- points to Islamabad's financial dependence on Beijing, especially as the West continues to ignore Pakistan, according to a media report.

Prime Minister Imran Khan -- who is in Beijing -- on Friday invited Chinese companies to invest in Pakistan and benefit from the business-friendly policies of the PTI-led government, reported Geo News.

Imran Khan, during a series of meetings with the executives of Chinese state-owned and private corporate sectors, underlined that Pakistan was offering a conducive environment for investment in Special Economic Zones (SEZs) under the China Pakistan Economic Corridor (CPEC).

Khan also appreciated the keen interest of the Chinese companies to invest in Pakistan as Chinese corporate leaders briefed the premier on the progress of their ongoing projects in Pakistan.

The Imran Khan government with this visit is eying on a loan to the tune of USD 3 billion from China to stabilise its dwindling foreign exchange reserves and also seeks an investment bonanza in half a dozen sectors, The Express Tribune reported citing sources earlier. The Pakistan Prime Minister is scheduled to meet Chinese President Xi Jinping and other officials in China where discussions will inevitably turn toward the USD 1.5 billion in overdue payments Pakistan owes Chinese energy companies that have built power plants as part of the USD 60 billion China-Pakistan Economic Corridor (CPEC), reported Asia Times.

The interests of the Imran Khan government with this visit underlines Islamabad's financial dependence on China as the Western powers have been ignoring Islamabad for quite some time.

Islamabad's ties with the United States were somewhat strained during the 1990s, but the country again became Washington's ally in the "war on terror" after the September 11, 2001, attacks. However, following the US pullout from Afghanistan, the South Asian country is now looking to the East for strategic alliances, according to DW. In return for the financial gains from China, experts believe that Islamabad could grant Beijing access to the Indian Ocean.