Pakistan, China agree to expedite CPEC phase II
Business
Discussions also focus on enhancing regional connectivity to strengthen trade ties
ISLAMABAD (Dunya News) – Pakistan and China have agreed to accelerate the implementation of phase II of CPEC projects and establish a working group to oversee five new economic corridors under this phase.
This decision was reached during a meeting between Minister for Planning and Development Ahsan Iqbal and Chinese Ambassador to Pakistan Jiang Zaidong in Islamabad on Friday.
The five new corridors are focussed on job creation, innovation, green energy, and inclusive regional development. These corridors align with the Planning Ministry's 5Es framework, which encompasses E-Pakistan, environment, energy, equity and empowerment.
The integration of the 5Es framework with the five new corridors aims to enhance Pakistan's prosperity in each sector, aligning with the vision of Prime Minister Shehbaz Sharif.
The Planning Ministry and the National Development and Reform Commission of China will prepare separate concept papers for each economic corridor, providing a clear roadmap for development in each sector.
During the meeting, the planning minister outlined a strategic approach to maximise the success of special economic zones (SEZs) in Pakistan through partnerships between Chinese and Pakistani SEZs. He also expressed appreciation for Chinese assistance in enhancing Pakistan's exports.
Minister Iqbal assured the Chinese ambassador of Pakistan's commitment to security as a prerequisite for development, underscoring significant efforts to safeguard Chinese workers and the implementation of top-level security measures.
The Chinese ambassador commended Pakistan's efforts in implementing CPEC, and suggested that officers responsible for special economic zones in Pakistan visit Chinese industrial parks to learn from their efficient practices.
Discussions also focussed on enhancing regional connectivity, with particular emphasis on projects such as the Gwadar Port and M-8 Motorway to strengthen trade links.
