| Welcome to Global Village Space

Saturday, April 13, 2024

Pakistan, China working on the bilateral framework under CPEC

Pakistan and China are expected to sign a bilateral framework agreement on industrial cooperation under the China-Pakistan Economic Corridor (CPEC) even though the GoP has declined negotiated divestment of Pakistan Steel Mills (PSM) to Chinese firms.

Federal Minister for Finance and Revenue, Industries and Production Muhammad Hammad Azhar has stressed the importance of the early completion of projects falling under of China Pakistan Economic Cooperation (CPEC).

“Time is of the essence in meeting project deadlines so that the economic benefits could reach the people of both the countries and contribute towards overall economic growth and development,” Finance Minister remarked while chairing a meeting regarding economic and industrial cooperation under (CPEC) at the Finance Division on Thursday.

Azhar stated that CPEC will enable the country to enhance industrial production, upgrade energy and communication infrastructure and improve connectivity with the region.

 

Read More: CPEC natural museum, laboratory for earth sciences: CPJRC

Federal Minister for Privatization Muhammad Mian Soomro, CPEC Authority Chairman Lt. Gen (r) Asim Saleem Bajwa, Excellency Ambassador of the Peoples Republic of China Nong Rong, federal secretary Finance Division and federal secretary Privatisation Commission participated in the meeting.

Speaking on the occasion, Ambassador Nong Rong outlined that CPEC is also of immense importance for Chinese companies. s

Moreover, Bajwa assured full support and assistance to the Chinese ambassador for expediting progress in the communication and transportation sectors on the occasion.

Reportedly a Chinese delegation has been engaging with Pakistan authorities for a government-to-government (G2G) deal on the country’s largest industrial complex which shutdown operations in June 2015.

Pakistan Steel Mill’s sale to a Chinese state-run firm under the G2G agreement was discussed. However, the Pakistani side explained the counterparts that the sale of PSM under the G2G arrangement was not possible according to the constitution.

During the event, Mr. Azhar remarked that the CPEC was of “utmost importance to Pakistan”, in the fields of industrial production, energy, and communication infrastructure for the country.

He added that the CPEC would lead to employment opportunities and investment for Pakistan and other countries alike.

It must be noted that In 2015, Pak-India Investment Bank had analyzed that with an initial investment of $289m (about Rs29 billion), provision of uninterrupted electricity supply, and new management, Pakistan Steel had the potential of becoming a profitable enterprise given its ideal location, market, and facilities.

In the meantime, Munir Ahmed, Executive Director of Development Communications Network (DEVCOM-Pakistan) said in an interview that Pakistan and China should work towards bridging the gap in information, knowledge, and communication by deepening cooperation across sectors.

Read More: CPEC: China’s drawn-out strategy to outwit the US

He said, “Through the exchange of visits by experts and holding seminars, discussions, and exchanges on the current situation and development prospects of political, economic and cultural relations between the two countries are greatly conducive to an in-depth understanding of Pakistan and China.”