China Pakistan Economic Corridor is a fusion of multiple developments in global, regional, bilateral and domestic contexts: Minister for Planning, Development and Reform

Islamabad, August 11, 2015 (PPI-OT):Federal Minister Planning, Development and Reform Ahsan Iqbal today said that CPEC is a fusion of multiple developments in the global, regional, bilateral and domestic contexts, whose ultimate objective is peace, prosperity and well-being of the people of the two countries, the region and the world.

He was speaking as keynote speaker at CPEC International Forum in Karamay China. Minister said that we have come a long way since the signing of CPEC MOU. Multiple meetings of Joint Cooperation Committee and Working Groups along with experts from both sides on long term plan, energy, transport infrastructure and Gwadar have taken place.

Additionally field visits have also been organized to provide an opportunity for developing close institutional linkages between various organizations of the governments and a deeper understanding of each other’s constraints and opportunities. Chinese and Pakistani companies and investors are engaging very closely with each other for identifying and capitalizing on opportunities that appear on the horizon. This will provide a fillip to the already existing 10000 Chinese working on 200 projects of varying sizes.

Minister said that after intense consultation among government functionaries of both governments and Chinese companies we finalized plans to add 10,400 MWs of electricity capacity through early harvest energy generation projects spread all across the country to be completed by the year 2017/18 and another 6,645 MWs of early harvest projects for energy on the actively promoted list.

After completing all the requisite regulatory and other facilitation requirements, he said we are doing speedy financial close to achieve the deadlines. Similarly, he stated we have agreed on infrastructure projects valued at $6 billion approximately that would upgrade connectivity from Khunjerab on the western border of China to the South of Pakistan to Gwadar in the first phase. These also include an airport and an expressway that provides connectivity to the port with the north bound road and rail network.

The minister said that the bidding process for four early harvest projects has begun and we hope to do ground breakings during this year. Simultaneously, the land for the Free Zone at Gwadar has been transferred to the Chinese company operating the Port for development as an industrial area.

A large number of investors have shown interest in establishing units in the industrial areas. We are hoping that with these concomitant developments, economic activity along the corridor will flourish and more industrial activity will be generated in industrial zones and estates in Pakistan through forward and backward linkages, Ahsan Iqbal added. Pakistan would be keen to use this opportunity to set up enterprises that become part of the global value chain of products traded internationally.

Minister said that this is only the beginning. Working on industrial cooperation is also expected to begin soon and long term plan is expected to be finalized within this year. New cooperation projects would come into active consultation.

He said that Transport Planning Report shall also have to be finalized for which we already have provided our comments. During President Xi visit also 51 MOUs/agreements have been inked which we are religiously monitoring at our end. Some of these have already opened new avenues of cooperation between the two countries.

Minister hoped that if we continue in this spirit, CPEC will absorb the global and regional changes engulfing the world and meet the objectives set forth in their domestic imperatives that provide the impetus to the CPEC. The bilateral relationship will only grow from strength to strength with the success of the Corridor.

Ahsan Iqbal said that the governments of both the countries are keen to help with planning and providing an enabling environment but the actual success of this Corridor will happen when people of China as well as Pakistan own the development process relating to the Corridor and work with each other for opening up all the cooperation fields.

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