ISLAMABAD: Pakistan and China on Thursday signed Memorandum of Understanding (MoU) on industrial cooperation under much trumpeted China Pakistan Economic Corridor (CPEC) during JCC meeting held at Beijing.
Informed sources told The News on Thursday night that size of the CPEC would remain at $46 billion for the moment but both sides agreed to include socio-economic development framework and execution of Gwadar projects in accordance with agreed timelines.
According to official statement saying that Federal Minister for Planning Makhdoom Khusro Bakhtiar has reiterated Pakistan’s firm commitment to CPEC which he termed as the heart and soul of Pakistan-China economic cooperation.
Bakhtiar made these remarks in Beijing at the 8th meeting of the CPEC JCC which he co-chaired with Chinese Vice Chairman of NDRC Ning Jizhe. Chief Minister of Sindh Murad Ali Shah, Chairman Board of Investment Haroon Sharif, and representatives of provincial governments and officials of both sides attended the meeting.
Highlights of the JCC included conclusion of a MoU on Industrial Cooperation and establishing a cooperation framework on socio-economic development. The MoU of industrial cooperation would include cooperation in diverse industries such as textiles, petrochemicals, iron and steel, and mines and minerals.
Minister for Planning said that cooperation in industrial sector would help attract investment in special economic zones and encourage relocation of Chinese industry. Both sides agreed to cooperate to develop Special Economic Zones in a speedy manner. In the next phase of CPEC, two sides also agreed to cooperate in maritime sector, port development and automobile sector.
Two sides discussed promoting joint ventures and industrial relocation from China to harness Pakistan’s export potential. They also held the first meeting of the recently established Joint Working Group on socio-economic cooperation which discussed a detailed action plan in six areas for future cooperation such as education, agriculture, poverty alleviation, skill development, healthcare, water supply and vocational training projects.
The two sides agreed on poverty alleviation demonstration projects in all regions of Pakistan. The first meeting of the Joint Working Group on Agriculture will take place early next year. In his remarks, Ning Jizhe, Vice Chairman NDRC said that CPEC serves the fundamental interests of two countries and their peoples. Calling the visit of Prime Minister Imran Khan to China as “phenomenal success” he expressed confidence that the Pakistan-China relationship would continue to grow and prosper.
While undertaking review of areas of cooperation under CPEC, the two sides expressed satisfaction and showed willingness to expedite work on all projects including Gwadar. Minister Bakhtiar said that Gwadar is the jewel of CPEC and with the development of its auxiliary projects, it is poised to become the next big economic and transshipment hub of the region.
Following the JCC meeting, NDRC Chairman He Lifeng hosted a banquet in honour of Minister Bakhtyar at Diaoyutai State guest house. This was followed by a signing ceremony in which the MoU on Industrial Cooperation was signed.