projects completed under cpec

Pakistan completes projects worth $25 bln under CPEC

ISLAMABAD, Oct 18 (Reuters) - Pakistan's caretaker Prime Minister Anwar ul Haq Kakar said on Wednesday that his country has completed more than 50 projects worth $25 billion under the China-Pakistan Economic Corridor (CPEC).

Kakar was speaking at the Belt and Road Forum in Beijing.

The CPEC is a flagship project under China's Belt and Road Initiative, with more than $65 billion pledged for road, rail and other infrastructure developments in the South Asian nation of 241 million people.

"We have completed over 50 projects worth $25 billion under the CPEC," Kakar said, adding that a very significant airport at the southwestern Gwadar port, which is being built with Chinese money as part of the CPEC, will soon be inaugurated.

Gwadar is located near the Strait of Hormuz, a crucial oil shipping route in the Arabian Sea. Beijing has invested heavily in the southwestern mineral-rich province of Balochistan, including developing the deepwater port, despite a decades-long separatist insurgency in the area.

The security of the Chinese nationals and their interests, which are often attacked by the insurgents, remains the biggest

challenge for Islamabad

Chinese President Xi Jinping began the Belt and Road Initiative about a decade ago, aiming to build infrastructure and energy networks connecting Asia with Africa and Europe through overland and maritime routes.

Representatives of more than 130 countries, largely from the Global South, attended the forum, including several heads of state, of whom the most prominent was Xi's

"dear friend" Russian President Vladimir Putin

Building industrial zones with Chinese and local Pakistani collaboration remains in the pipeline, together with a rail track of over 2600km costing nearly $7 billion, the biggest single project under the CPEC.

Clean energy projects were expected to be completed in the next four to five years under the CPEC, Kakar said.

Reporting by Asif Shahzad; Editing by Jacqueline Wong, Sharon Singleton and Christina Fincher

Our Standards: The Thomson Reuters Trust Principles.

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KARACHI: Pakistan Ambassador in Beijing Moinul Haque on Sunday said that over 50 projects worth $25 billion dollars have been completed under China-Pakistan Economic Corridor (CPEC) during the last ten years.

“CPEC as a game changer has altered the entire economic landscape and played a pivotal role in the social and economic development of Pakistan”, Ambassador Moinul Haque said during an interview with Belt and Road Television.

Terming Pakistan-China Friendship as a bright example for the world, the Ambassador said ties between the two countries are depicts not only a strong political relationship but also shows a heart-to-heart connection among the people of both nations.

The Ambassador expressed pleasure that Chinese nationals consider Pakistanis as an iron brothers and this expression is only reserve for Pakistanis.

Moinul Haque said the Belt and Road Forum is a very important opportunity for all member states to create a roadmap for the future in view of the past achievements.

He said this forum provides a platform for international cooperation for solidarity, development, economic and social welfare and poverty eradication.

China joint ventures brought transformative benefits to Pakistan

Pakistan-China joint ventures brought transformative benefits to Pakistan, said Shah Faisal Afridi, a prominent business leader and advocate of economic development.

China-Pakistan Economic Corridor (CPEC) has provided unique opportunities for the tremendous growth of Pakistani businesses, he stated this during his recent visit to China for the third Belt and Road Forum for International Cooperation to be held in Beijing from October 17 to 18, according to Gwadar Pro.

Faisal pointed out that the CPEC projects are not just about infrastructure development but also exceptional opportunities for entrepreneurs and are leading the revival of internationalization in Pakistan.

As CPEC construction enters its second phase of industrial cooperation, it has created a more favorable environment for entrepreneurs to thrive.

As the president of JW SEZ Group, which has established joint ventures with Chinese brands and companies including Haier, Foton, SAIC, Deli, Royal, Sinovac, and has become one of the major players in Pakistan’s industries in home appliances, electronics, glass manufacturing, dairy, agriculture, automotive, real estate development, sports and healthcare, Faisal has been doing business with China for 23 years.

He highlighted that Pakistan-China joint ventures have brought transformative benefits to Pakistan.

“From addressing energy shortages to improving infrastructure, technology, and industrial growth, these collaborations have played a crucial role in enhancing Pakistan’s economic development.

The continued partnership between the two nations holds immense potential for further progress.”

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Pakistan completes projects worth $25b under CPEC

PM Kakar says very significant airport at Gwadar port will soon be inaugurated

Caretaker Prime Minister Anwaarul Haq Kakar on Wednesday said that Pakistan had completed more than 50 projects worth $25 billion under the China-Pakistan Economic Corridor (CPEC).

Kakar was speaking at the third Belt and Road Forum (BRF) in Beijing.

The CPEC is a flagship project under China's Belt and Road Initiative (BRI), with more than $65 billion pledged for road, rail, and other infrastructure development projects in Pakistan.

"We have completed over 50 projects worth $25 billion under the CPEC," Kakar said, adding that a very significant airport at the southwestern Gwadar port, which was being built with Chinese money as part of the CPEC, would soon be inaugurated.

Gwadar is located near the Strait of Hormuz, a crucial oil shipping route in the Arabian Sea.

Beijing has invested heavily in the mineral-rich province of Balochistan, including developing the deepwater port.

Chinese President Xi Jinping began the Belt and Road Initiative about a decade ago, aiming to build infrastructure and energy networks connecting Asia with Africa and Europe through overland and maritime routes.

Representatives of more than 130 countries, largely from the Global South, attended the forum, including several heads of state, of whom the most prominent was Russian President Vladimir Putin.

Building industrial zones with Chinese and local Pakistani collaboration remains in the pipeline, together with a rail track of over 2600km costing nearly $7 billion, the biggest single project under the CPEC.

Read also:  CPEC made Pakistan into trade, transit hub: PM Kakar

Clean energy projects were expected to be completed in the next four to five years under the CPEC, Kakar said.

Separately, Prime Minister Kakar and Chinese Premier Li Qiang met on the sidelines of the third BRF and discussed the bilateral ties.

They agreed to further strengthen high-level dialogue and engagement besides deepening the political, economic, education, science and technology, cultural and people-to-people relations.

Accompanied by ministers and senior officials, the two leaders reaffirmed the time-tested and iron-clad friendship between Pakistan and China.

Prime Minister Kakar extended felicitations to the Chinese leadership on the successful holding of the third BRF.

Noting the depth and breadth of the BRI, the prime minister termed it a project of immense significance for the world in terms of connectivity and shared prosperity.

The two leaders discussed bilateral collaboration in the context of CPEC and prospects of further deepening economic linkages.

Kakar underscored the importance of CPEC for Pakistan’s economy, noting with satisfaction its expansion into new areas of development – including industrial development; livelihood projects; ICT; mining and minerals exploration and agriculture.

He expressed the confidence that Chinese investment in Special Economic Zones (SEZs) would contribute in diversification of Pakistan’s export basket and expansion of its industrial base.

Read:  PM Kakar arrives in Beijing to attend Belt and Road forum

Premier Qiang underlined the steady growth of bilateral cooperation and noted the positive momentum of CPEC projects.

He hoped that leadership consensus would give further boost to trade and economic relations between the two countries.

The two premiers also witnessed the signing ceremony of several MoUs/agreements in the areas of commerce, communication and transport, including MLI, connectivity food security and research, media exchanges, space cooperation, urban sustainable development, capacity building, mineral development and industrial cooperation, climate change, vaccine development.

Meanwhile, PM Kakar met with Member of the Standing Committee of Politburo of Communist Party of China Li Xi and discussed bilateral relations.

They expressed the collective resolve to enhance economic cooperation, with renewed focus on the centrality of CPEC and its high-quality development.

The prime minister congratulated Li on the successful hosting of the third BRF by China and felicitated him on his election as the member of Politburo Standing Committee.

The two leaders reaffirmed the commitment of Pakistan and China to strengthen bilateral political and economic ties and their unwavering support to each other on core issues.

The two leaders also discussed measures to increase the volume of Chinese investment in Pakistan, especially in ICT, mining, infrastructure and agriculture sectors.

They emphasised the importance of expanding industrial cooperation and the development of SEZs in Pakistan.

PM Kakar and Li exchanged views on anti-corruption and financial discipline.

The prime minister briefed the Chinese leader about measures taken by Pakistan for transparent and inclusive governance and evinced interest to learn from the Chinese experience.

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INDUSTRIAL COOPERATION UNDER CPEC

• INDUSTRIAL COOPERATION FRAMEWORKS
• Industrial cooperation CPEC

CHINA PAKISTAN ECONOMIC CORRIDOR (CPEC)

The CPEC is an ongoing development mega project which aims to connect Gwadar Port of Pakistan to China’s northwestern region of Xinjiang, via a network of highways, railways and pipelines. The economic corridor is considered central to China–Pakistan relations and will run about 2700 km from Gwadar to Kashghar.

China-Pakistan Economic Corridor and its connectivity with Central Asia, Middle East and Africa will help to shape entire region. Overall construction costs are estimated around $46 billion, with the entire project expected to be completed in several years.

The Corridor is an extension of China’s proposed 21st century Silk Road initiative. This is the biggest overseas investment by China announced so far and the corridor is expected to be operational within three years. The corridor will be a strategic game changer in the region and would go a long way in making Pakistan a richer and stronger entity.

The investment on the corridor will transform Pakistan into a regional economic hub. The corridor will be a confidence booster for investors and attract investment not only from China but other parts of the world as well. Other than transportation infrastructure, the economic corridor will provide Pakistan with telecommunications and energy infrastructure.

The Ministry of Planning, Development & Reform (MPD&R) is the focal Ministry for this engagement whereas its counterpart in China is National Development and Reform Commission (NDRC).

http://cpec.gov.pk

Infrastructure

Other CPEC Projects

CPEC-Project-Under-PSDP

BOI is an active member of working group on Industrial parks/ special economic zones of the CPEC which is mandated to identify potential feasible sites for consideration by Joint Working Group. BOI, in consultation with all stakeholders, has identified potential sites in all provinces from Khunjrab to Gwadar to establish Special Economic Zones alongside the corridor. Each economic zone will target specific products and services based on the availability of local raw material, work force and other such factors. Establishment of these zones will attract local & foreign investments and generate huge employment.

BOI AS A PARTNER IN CPEC AND ITS SUSTAINABILITY:

The Board of Investment (BOI), being central facilitation point for all investors, has been entrusted to promote and facilitate investment including CPEC projects.

BOI provides assistance throughout the investment cycle. Investor Facilitation Centre’s have been established in Islamabad and all provincial capitals to facilitate local and foreign investors. BOI as a focal point provides information and assistance for speedy materialization of investment projects.

Apart from facilitating projects, BOI’s role is also important in the context of visa facilitation and opening up of branch offices and liaison offices of entities. Permission of BOI is mandatory for opening of branch or liaison office in Pakistan. BOI also recommends Work Visas to expatriates working in foreign and local companies in Pakistan.

BOI’s role is crucial for materialization and sustainability of the projects being started and to be started under CPEC. BOI welcomes Chinese and other local and foreign investors interested to invest in the country under CPEC or any other initiative.