Ten years of China-Pakistan Economic Corridor

Deputy Mission of the Chinese Embassy, ​​Xi Yuanqing, reiterates pledge to continue cooperation between Pakistan and China

ISLAMABAD: A ceremony was held on the occasion of completion of 10 years of China-Pakistan Economic Corridor (CPEC), organised by Asian Institute of Ecocivilization Research and Development (AIERD). Deputy Mission of the Chinese Embassy, ​​Xi Yuanqing, addressed the ceremony and said that the CPEC project is currently progressing well.

Chinese President Xi Jinping and the top leadership of Pakistan signed the CPEC project and the two countries promised to increase their cooperation in energy and other sectors, Chinese Deputy Mission said, adding that as a result of CPEC the Khunjerab Pass has been made usable for all seasons.

“The Gwadar Airport and Gwadar Port project are part of CPEC. Economic zones have been established to promote industrial cooperation. The Rishkai Economic Zone will play an important role in increasing industrial cooperation,” he said, “CPEC is a long-term project in balanced development.

Security is essential for development and without security, the CPEC project could not be completed, Chinese Deputy Mission said that the Chinese President had said that China will work with Pakistan on the Five Es Framework. This includes Exports, E-Pakistan, Environment & Climate Change, Energy & Infrastructure, and Equity & Empowerment.

Punjab Chief Minister Maryam Nawaz met with Chinese top officials and business people, and discussed various projects regarding the development of Punjab, the Deputy Mission added.

AIERD Chairman Zahid Latif Khan also spoke at the event and said that CPEC is important for Pakistan and the region. “This project is an important project of the Belt and Road Initiative (BRI). Delegations from Pakistan have gone to China for the development of the capital market. The Chinese capital market is the second best stock market in the world and there is a need to work in the currencies of both countries.”

He added that this will reduce the dependence of both countries on the US dollar. “Many Chinese companies are listed on the Pakistan Stock Exchange (PSX). Chinese companies are invited to invest in the Pakistan Stock Exchange.”

He said, “the CPEC project is a manifestation of the unity of the two countries.”

Special Investment Facilitation Council (SIFC) Secretary Jamil Qureshi also addressed the ceremony and said that the CPEC project is the vision of Pakistan’s future. “Our economic relations are moving forward in a new way. Projects under CPEC will benefit our next generation.”

He added that work will have to be done to bring Chinese industries to special economic zones. “Work on special economic zones in Pakistan is in the initial stages. The role of industry, business and the private sector is very important. The government’s job is to provide cooperation and protection, business environment. The government is playing a role in facilitating business. Investors coming to the Investment Board had great difficulties,” he said.