ISLAMABAD //Wen Jiabao, the Chinese premier, yesterday oversaw the signing of agreements aimed at more than doubling trade with Pakistan over the next five years.
The 22 agreements signed between Chinese and Pakistani business houses at a conference in Islamabad targeted an increase in bilateral trade to US$18 billion (Dh66.1 bn) by 2015, from $7bn in 2009.
The two countries signed a free trade agreement in November 2006 that is expected to go into full effect in 2011.
The Associated Press of Pakistan reported that the agreements dealt with cooperation in agriculture, food, machinery, and space and upper atmosphere research.
Pakistani state television reported yesterday's deals also included agreements by Chinese companies to invest $6.5bn in alternative energy projects. A further $1.5bn would be invested on the rehabilitation and capacity expansion of aging power generation plants.
The Chinese and Pakistani governments had on Friday signed 13 initial agreements for joint ventures in agriculture, banking, energy, technology and urban security.
Few details of the agreements have been released.
Senior Pakistani officials on Friday estimated the value of the trade and investment agreements signed during Mr Wen's three-day visit at about $25bn.
They said the deals would push China's average annual investment in Pakistan to more than $3bn a year from 2012, from the present $2bn.
That is double the annual $1.5bn in economic assistance from the United States, under a five-year deal that started this year.
The reams of agreements signed in Islamabad underscored the close relations between China and Pakistan.
"China and Pakistan were, are and will always be good neighbours, good friends, good partners and good brothers," Mr Wen told Yousaf Raza Gilani, the Pakistani prime minister, during talks on Friday, Xinhua. the Chinese news agency, reported.
The two premiers have held one-to-one talks on consecutive days, while the heads of Pakistan's major political parties, the chief ministers of its four provinces, and armed services chiefs met the Chinese premier in Islamabad yesterday.
The bonhomie in Islamabad contrasted with the cordial but cautious interaction between Mr Wen and Manmohan Singh, the Indian prime minister, in New Delhi on Thursday.
The Asian powers share 2,000km of disputed border, over which they fought a 1962 war.
The only concrete outcome of their dialogue was an agreement to raise bilateral trade to $100bn by 2015, from $60bn last year.
China is India's biggest trading partner, and the two countries account for more than half of global economic activity.
Mr Wen committed to improve the balance of trade, which is tilted heavily in China's favour, but did not agree to a proposal to lift restrictions on Indian software, agricultural products and pharmaceuticals.
China's trade with Pakistan is similarly imbalanced and much smaller in volume, reflecting Pakistan's weak economy and narrow range of exports.
Mr Wen's deliberations in Islamabad have also prioritised Chinese assistance in rebuilding areas of Pakistan destroyed by massive flooding in July and August.
He yesterday announced a $400 million loan to help Pakistan tackle the financial impact of the floods, and a cash grant of $10m towards a Pakistani fund to compensate people rendered homeless.
The floods affected about 21 million Pakistanis, killing almost 2,000 people, and rendering about 10 million homeless.
It caused damage valued at $9.7bn in a joint assessment issued by the World Bank and Asian Development Bank in October.
The loan is in addition to a $229m grant agreed to on Friday for the repair of roads and bridges, and to spur the recovery of food production in flooded areas.
The road works would include the rehabilitation of damaged sections of the Karakorum Highway, a 1,300km motorway linking China and Pakistan.
China's flood assistance to Pakistan, including $250m in donations, is its biggest-ever overseas humanitarian aid programme.
Talks between the Chinese and Pakistani premiers have further focused on developing people-to-people interaction, to date the weak link in an otherwise very close relationship.
China on Friday offered 500 university scholarships over the next three years for Pakistani students, with programmes focusing on technological areas of expertise not taught in Pakistan.
The two countries would also exchange high-school students, young entrepreneurs and voluntary social workers.
The new "hearts-and-minds" policy would see Chinese surgeons travel to Pakistan next year to perform cataract operations on 1,000 blind patients.
thussain@thenational.ae
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
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CREW
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Company%20Profile
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APPLE IPAD MINI (A17 PRO)
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
Pathaan
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Company%20Profile
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
Company%20Profile
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MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Pakistanis%20at%20the%20ILT20%20
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners