Pak to buy 8 submarines from China

Pakistan will buy eight submarines from China in a multi-billion dollar deal that will boost Pakistani navy’s maritime capabilities, media reported on Friday.

An agreement was reached here during a meeting between Pakistan Finance Minister Ishaq Dar and Xu Ziqin, President of state-owned China Shipbuilding & Offshore International Company limited (SCOC) — the trade arm of China Shipbuilding Industry Corporation.

The two sides in-principle agreed on the sale of eight submarines that China will provide to Pakistan Navy, The Express Tribune reported.Sources in the finance ministry, however, said the deal is subject to final review form higher authorities in Beijing, following which a formal agreement will be signed.

They also said that Pakistan would make payments in four instalments and the delivery will be made in coming years.According to a vague statement issued by the finance ministry after the meeting, Dar said the visit by the CSOC delegation to Pakistan would strengthen bilateral economic and defence cooperation.

“Pakistan and China have reached an understanding on matters of defence cooperation relating to Pakistan Navy,” the statement said.