National
May 24, 2021
KARACHI: Businessman Dr Iftikhar Baig has said Pakistan and China are celebrating their 70 years of diplomatic friendship and the ongoing economic cooperation further strengthened the relationship.
Dr Iftikhar Baig elaborated that Pakistan and China had entered into the Free Trade Agreement (FTA) in February 2009 and the bilateral trade which was $1.3 billion in 2002, now has reached $20 billion in 2020. The imports from China stood at $18 billion and exports to China reached at $2 billion in 2020. Pakistan and China has signed the second phase of Pak-China FTA, China has allowed 363 items, which would increase Pakistan’s exports and it would also lessen the trade surplus currently favouring China. China-Pakistan Economic Corridor (CPEC) is the hallmark of two nations’ economic relationship, wherein China investing $65 billion, for energy $34 billion, infrastructure $11 billion, and Gwadar port projects, which would be game changer in the region.
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Many observers view Pakistan as a test case for China’s assertive overseas expansion plans. But sometimes, it is Chinese players who have had to adapt to Islamabad’s realities.
Daily Times
May 24, 2021
Pakistan-China industrial cooperation is destined to make Pakistan a manufacturing hub in the region while the establishment of industrial zones would create vast investment opportunities for local industrialists and absorb huge manpower.
The shifting of industries from China to Pakistan would result in export promotion, import substitution, transfer of technologies and employment generation, which are the primary targets of our government as well.
Both the countries have been working to build industry in the country as work on Special Economic Zone (SEZ)’s including Rashakai, Allama Iqbal Industrial City Faisalabad and Bostan Balochistan was under process and large number of foreign investors have been showing interest in these SEZ’s for investments and government provide facilities to foreign investors, said Federal Minister for Planning, Development and Reforms, Asad Umer.
New road network under CPEC to improve access to Iran
Top Story
By News Desk
ISLAMABAD: China-Pakistan Economic Corridor (CPEC) Authority Chairman Lt-Gen (retd) Asim Saleem Bajwa on Sunday said work on the 103-kilometre Nokundi-Mashkhel road, which will improve access to Iran, has begun.
In a tweet, Bajwa said a detailed design of another 200-km road the Mashkhel-Panjgur Road was also in process. He said the entire remote region of Balochistan would be opened by connecting N-40 with N-85 and M-8 the western route of CPEC linking Chagai-Nokundi sector with Gwadar. The CPEC Authority chairman said Gwadar port is becoming a hub of economic activities under CPEC.