Advertising

Chinese industries to relocate to Pakistan as agreement inked

Amid PM Imran Khan's visit to China, Pakistan and China has agreed to boost industrial cooperation under CPEC. This will help more FDI inflows from China.

Print Friendly, PDF & Email

Pakistan and China on Friday inked the Framework Agreement on Industrial Cooperation under China Pakistan Economic Corridor (CPEC).

The prime minister arrived in Beijing on Thursday to attend the opening ceremony of Winter Olympics and meet the Chinese leadership.

State Minister and Chairman BoI Muhammad Azfar Ahsan and Chairman National Development & Reform Commission (NRDC) He Lifeng signed the accord.

The objective of the Joint Working Group (JWG) on Industrial Cooperation is to attract Foreign Direct Investment (FDI), promote industrialization and development of economic zones, and initiate, plan, execute, and monitor projects, both in public as well as private sector.

Read more: CPEC’s transformational promise for Pakistan

The engagement with China under JWG is envisaged to increase labour productivity in Pakistan, enhance industrial competitiveness, increase exports, and sustain diversification in exports basket.

During the 8th Joint Cooperation Committee (JCC) meeting of CPEC held in 2018, both sides had signed a Memorandum of Understanding that formed the basis for future engagements between the parties under the ambit of Industrial Cooperation.

As CPEC entered its second phase which primarily revolves around Special Economic Zones (SEZs) development and industrialization, the need for a comprehensive Framework Agreement became imperative.

Similar agreements have also been signed for Early Harvest CPEC Projects on energy and infrastructure.

Read more: Emerging challenges and opportunities for Gwadar and CPEC

With continuous efforts of BOI, both sides reached the consensus to elevate the existing MoU into a Framework Agreement in 2020.

After extensive stakeholder consultations and with the approval of the Prime Minister, BOI shared the Draft Framework with NDRC in November 2020, which has been formulated keeping in consideration the needs of CPEC Phase II.

The signing ceremony of the framework agreement is a significant outcome of the prime minister’s visit and a top agenda from the Chinese side as a testimony to their interest in CPEC.

Courtesy: APP

Continue reading

Ertugrul star Cengiz Oskun ties knot

Co-actors from the series, Nurettin Sonmez (Bamsi), Engin Altan( Ertugrul), and Cavit Cetin Guner (Dogan) attended the wedding ceremony.

Stepping towards brighter future for the Pakistan’s economy!

Ministry of Finance issued a report titled ‘75 years- Economic journey of Pakistan’ which explains the story of Pakistan’s...

JS Bank partners with VISA to offer cashback on purchases

The first-of-a-kind cashback allows customers to get an instant cashback within 24 hours of the purchase.