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Business & Finance

CPEC a 'win-win' for both Pakistan, China: Faraz

  • Faraz said that the promotion of CPEC is in the best interest of Pakistan as it is a Win-Win situation for both countries.
Updated 25 Nov 2020

Federal Minister for Information Shibli Faraz has said that the second phase of the China Pakistan Economic Corridor (CPEC) will focus on industrialization, agriculture modernization, and socio-economic development.

“The China Pakistan Economic Corridor (CPEC) has made remarkable progress in its first phase that is 2015 to 2020. The majority of the projects planned in the transportation, infrastructure, and energy sectors have been carried out successfully and many are in their execution stage,” said Faraz while addressing a ceremony in connection with CPEC in Islamabad.

“The second phase 2021 to 2025 will further focus on industrialization, agriculture modernization, and socio-economic development. The purpose is to reap the dividends of the investment made in the first phase that has created an enabling environment for investment,” he added.

The minister informed that agriculture and science and technology Joint Working Groups (JWGs) are being established in the year 2020 that would add to the existing JWGs in the field of energy, infrastructure, industrial cooperation, etc.

“Projects in the existing and the newly established areas have the capacity to ultimately improve the economic competitiveness of the country,” he said.

Addressing the seminar, Minister for Science and Technology Fawad Chaudhary said the CPEC has a huge future, saying that Pakistan has become an attractive market for Chinese investors.

The Minister said that under the CPEC, eleven special economic zones are being established which will promote industrialization in the country. He said we plan to uplift our semi-conductor industry and bring value addition to our products with the cooperation of Chinese industries.

The Minister said we have approached the Chinese companies to shift their solar panel manufacturing units to Pakistan.

Faraz added that the promotion of CPEC is in the best interest of Pakistan as it is a Win-Win situation for both countries. “It is indispensable to counter the negative propaganda aimed at undermining the success of the project and bilateral ties. The benefits of CPEC would reach the grass-root level and would benefit the Pakistan populace,” he said.