Pakistan turns to China for some love

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After the U.S. raid into Pakistan to get Osama bin Laden at his compound near Abbottabad, in the Hazara region of the Khyber Pakhtunkhwa province, the Pakistan government, officially, were upset. Conflicting reports say, they knew, they didn’t know. The truth will probably come out in about 30 years, but in the meantime Pakistani Prime Minister Yousuf Raza Gilani is visiting China.

This year marks the 60th anniversary of the establishment of diplomatic relations between the two nations and has been named China-Pakistan Friendship Year.

“As close neighbors, it is our sincere desire to continue to work toward closer economic integration between Pakistan and China,” Pakistani Prime Minister Yousuf Raza Gilani said at the China-Pakistan Entrepreneurs Forum held Thursday in Beijing.

Gilani said Pakistan considers China a true colleague, saying his country will stand by China always. He added the result of the US attack that killed Osama bin Laden, China was the first country to demonstrate its support, and harmony with the government and citizens of Pakistan.

In finance and banking, the two countries established the Pakistan-China Joint Investment Company, while the Industrial and Commercial Bank of China is beginning operations in Pakistan and has opened branches in Islamabad and Karachi, Gilani said.

He believes there’s great potential for Chinese enterprises to invest in Pakistan through joint ventures with Chinese corporations and financial institutions.

By the end of 2010, Chinese enterprises had signed contracts with Pakistan worth a total of $19.87 billion. China’s direct investment in Pakistan hit $1.36 billion, while Pakistan’s investment in China reached $57.38 million, according to the Chinese Commerce Ministry.

For his part, Wan Gang, vice chairman of the National Committee of the Chinese People’s Political Consultative Conference and science and technology minister, said Pakistan is China’s most important trade partner in South Asia.