Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar has said that China-Pakistan Economic Corridor (CPEC) project is now entering the second phase wherein bilateral cooperation in agriculture and industrial sectors will be enhanced. He said that cooperation in industrial sector will further strengthen bilateral partnership between the two countries.
The minister said this while addressing a CPEC Forum on "Regional Cooperation and Industrial development through B2B Cooperation" here on Friday. Deputy Chairman Senate Saleem Mandviwala, Chinese ambassador Yao Jing, Project Director CPEC Hassan Dawood and representatives from different private sectors and seniors government officials attended the seminar, says a press release issued here.
The minister said that partnership between Pakistan and China is decades old and the CPEC is an important project of Belt & Road Initiative (BRI). He said that the incumbent government, under the visionary leadership of Prime Minister Imran Khan is introducing reforms in various sectors. The minister said that China will provide $1 billion for socio-economic development projects in Pakistan, including education, health, and water and poverty alleviation.
Khusro Bakhtyar underlined the need to increase tax-to-GDP ratio for achieving sustained economic development. He highlighted that the government is taking various measures to enhance exports, adding that China has granted free excess on export of 313 items. The consolidation of second phase of China Pakistan Free Trade agreement will increase Pakistan's exports by tapping the potential in agriculture, textile, food, minerals, engineering, and other sectors. The minister said that the incumbent government wants to promote B2B cooperation under the CPEC framework and in this regard the Pak-China Business forum is being established.-PR