'CPEC enters into 2nd phase with particular focus on industrialization'

LAHORE: Director General (China) at the Ministry of Foreign Affairs Muhammad Mudassir Tipu has said the China-Pak Economic Corridor (CPEC) project has entered the second phase with a particular focus on industrialization, science and technology cooperation, and socio-economic development.

The Director General stated this during a meeting with S.M. Naveed, President, Pakistan-China Joint Chamber of Commerce and Industries (PCJCCI), who met him on Monday. China-Pakistan trade ties, CPEC, and matters related to agriculture and science and technology cooperation also came under discussion.

Tipu hoped that the second phase of CPEC would play a key role in promoting business-to-business ties between the two countries and would promote foreign direct investment in Pakistan. He emphasized that CPEC, a flagship project of BRI (belt and road initiative), will open up enormous opportunities for Pakistan and China enabling both the countries to promote growth and development in the region. He underscored that post COVID-19, CPEC and BRI will become the hub of trade, connectivity and people-to-people exchanges.

Highlighting the second phase of China-Pakistan Free Trade Agreement, the Director General said it is a proper time to enhance Pakistan's exports to China. Two new Joint working groups on agriculture and science and technology were established earlier this year. B2B engagement will complement the government's policies on agriculture reforms paving way for the second green revolution in Pakistan, he added.

Speaking on the occasion, S.M. Naveed lauded the efforts of foreign ministry in further deepening and strengthening Pakistan and China's 'all-weather strategic cooperative partnership.' The PCJCCI will continue to work for economic integration of two brotherly nations through increased regional connectivity and win-win cooperation, he said, adding that the PCJCCI is determined to serve as a model chamber and a vibrant platform for promoting mutual investment and friendship between Pakistan and China.

Copyright Business Recorder, 2020