by admin | May 25, 2021 | Investing, Muslim World
Asad Umar
Islamabad : Pakistani Finance Minister Asad Umar has proposed changes in the initial plan of Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) in order to make them more investor friendly.
In a meeting of Economic Cooperation Committee (ECC) here on Monday, Umar directed the Board of Investment, a department under the Prime Minister’s Office which is responsible for making policies to mobilise and facilitate local and foreign investment, to approve application of companies interested in investing in the SEZs in 45 days from the previous 90 days, reports Xinhua news agency.
Chaired by Prime Minister Imran Khan, the purpose of the meeting was to deliberate upon the country’s economic situation, and form a future strategy for the stability and revival of economy.
Both China and Pakistan have agreed to make CPEC focus on industrial cooperation after the first five-year early harvest period since 2013.
The joint venture in the SEZs is a major area in the bilateral industrial cooperation between China and Pakistan under CPEC aiming at boost local economy and employment.
—IANS
by admin | May 25, 2021 | Muslim World
Islamabad : Islamabad expects that the China-Pakistan Economic Corridor (CPEC) would regain pace after Prime Minister Imran Khan visits Beijing next month with the signing of a framework agreement on industrial zones, progress on agricultural cooperation and addition of a social sector joint working group.
A senior government official told Dawn news on Monday the Khan’s visit to China would reinvigorate the CPEC implementation that had slowed down over the past several months owing to political transition in Pakistan.
During the visit, the two sides would formally ink a framework agreement on industrial zones and set in motion on-ground development of Special Economic Zones (SEZs) starting with Rashakai near Peshawar in Khyber Pakhtunkhwa.
They would also formally sign documents to include Social Sector Joint Working Group of the Joint Coordination Council (JCC) of the CPEC. He said officials from the two governments were currently in the process of sharing final documents.
A Chinese delegation led by M.A. Aiguo, Vice Minister for Agriculture and Rural Affairs, are currently in Pakistan to explore areas of mutual interest in the agriculture sector, considered by the two governments as key to employment generation and increase in crop output.
The delegation had a meeting with Privatisation Minister Khusro Bakhtiar on Monday and was given an overview of Pakistan’s agriculture sector that employed 45 per cent of manpower, contributed about 24 per cent to GDP, 20 per cent to total exports and provided livelihood to 64 per cent of the country’s rural population, a statement said.
—IANS
by admin | May 25, 2021 | Muslim World
Islamabad : The government of Saudi Arabia has signed three grant agreements with Pakistan to finance three road infrastructure and energy projects under the China Pakistan Economic Corridor (CPEC).
“These agreements have been inked in line with the understanding reached during Prime Minister Imran Khan’s recent visit to Saudi Arabia,” Information Minister Fawad Chaudhry told a press conference here on Thursday.
The agreements were signed by the Saudi envoy and the officials of Pakistan’s Finance Ministry, reports Dawn news.
“The first step has been taken as three grant agreements have been signed. This is a very positive step and bodes well for relations between the two countries,” the Minister added.
Giving a briefing about the federal cabinet’s meeting held earlier in the day, he said that a high-level Saudi delegation will arrive in Pakistan on Sunday for materialising the deal between Islamabad and Riyadh.
More agreements would be inked next week between a high-level Saudi delegation and Pakistani officials, Chaudhry said.
The accords will be related to Reko Diq’s gold and copper mines and the oil refinery at Gwadar Port, and the delegation would comprise the Saudi investment team, minister for petroleum and minister for energy.
“During the Prime Minister’s recent visit, Saudi Arabian leaders including Crown Prince Muhammad bin Salman were eager to finalise the deal within days despite the fact that such agreements require months for materialising,” the Minister said.
—IANS
by admin | May 25, 2021 | Business, Emerging Businesses, World
By Gaurav Sharma,
Beijing : China on Monday said it will extend the China Pakistan Economic Corridor (CPEC) to the west of Pakistan.
China has already invited Afghanistan — west to Pakistan — to join the CPEC. Iran, which is located further west, has expressed interest in joining the project.
The over $50 billion project — a key component of Beijing’s Belt and Road programme — is opposed by India as its planned route goes through the disputed Kashmir region.
“The two sides will advance the CPEC. In the light of Pakistan’s economic development and its people’s need, we will identify the pathways and cooperation for the CPEC,” said Chinese Foreign Ministry spokesperson Geng Shuang.
“We will accelerate the industrial cooperation and projects of people’s livelihood, extend the CPEC to the western area and make more people to benefit from it,” he said.
The CPEC envisages linking China’s Kashgar in Xinjiang to Pakistan’s Gwadar port.
Geng was replying to a question about Chinese Foreign Minister Wang Yi’s three-day visit to Pakistan last week during which he met the country’s new leadership.
He said the all-weather friendship between China and Pakistan was not aimed at targeting any third country, which could be a reference to India.
“Our relations will not target a third party and will be influenced by our development of foreign relations with other countries,” Geng said at a routine press conference.
“Politically they (China and Pakistan) will further enhance political mutual trust, strategic communication and firmly support each other’s core interests and mutual concerns. They will have closer communication and coordination on issues of common interest,” he said.
“On the security front, the two sides will enhance cooperation in defence and enhance exchanges between their militaries and law enforcement agencies. China will firmly support Pakistan in combating terrorism in the light of its own national conditions,” Geng said.
—IANS
by admin | May 25, 2021 | Muslim World
Islamabad : A number of road projects related to the $52 billion China-Pakistan Economic Corridor (CPEC) are said to be in the doldrums as Pakistan’s National Highway Authority (NHA) faces a financial crisis, the media reported on Monday.
Dawn online cited sources as saying that contractors stopped work on several CPEC projects after their cheques worth over Rs 5 billion bounced a couple of days ago.
The affected projects include Hakla-Dera Ismail Khan, Western Route of CPEC and all sections of the Karachi-Lahore Motorway.
According to the report, not only the CPEC projects but local industries related to construction and a large workforce of engineers and labourers were also hit by the situation.
When contacted, NHA spokesman Kashif Zaman said the authority issued cheques of Rs 5 billion on June 29 to the firms against the sanction by the government.
He said cheques worth Rs 1.5 billion were cleared on the same day and “the remaining cheques that were deposited the next day could not be cleared”.
Zaman said the matter had been taken up with the government and would be resolved soon. Asked about suspension of work by the contractors, he said that the progress on the projects “had not been affected” and most of the projects in question would be completed by December.
The CPEC will connect China’s Xinjiang region with Pakistan’s Gwadar port giving it access to the Arabian Sea.
While India opposes CPEC’s route as it cuts through the disputed part of Kashmir held by Islamabad, experts feel Pakistan is already facing a massive debt burden because of the project.
—IANS
