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Pakistan-China Join Hands to Gear up Second Phase of CPEC

Pakistan-China join hands to gear up Second Phase of CPEC

China and Pakistan have made significant progress in the second phase of the China-Pakistan Economic Corridor (CPEC) project, which began in 2013. The 10th anniversary of CPEC was celebrated with the signing of six new Memoranda of Understanding (MoU) at a ceremony hosted at the Prime Minister’s House. Several agreements were made during recent talks, including a Memorandum of Understanding for the Joint Cooperation Committee on CPEC, an additional MoU for an export exchange mechanism in the CPEC framework, a phytosanitary procedure for distributing dry chillies from Pakistan to China, and a statement on the Karakoram Highway Phase-II realignment feasibility study. Another MoU was retained for the industrial employees exchange program, along with the records of the 21st conference of the technical committee for the ML-1 project.

During the ceremony, Prime Minister Shehbaz Sharif emphasized that over USD 25 billion had been invested in power, road, hydropower, and public transport initiatives under CPEC. He further highlighted that the second phase of CPEC would enable Pakistan to export its goods according to Chinese requirements, allowing for B2B investments in agriculture and information technology.

The two leaders expressed their contentment with the steady advancement of CPEC projects during their meeting before the ceremony. They emphasized the project’s significance in facilitating Pakistan’s socioeconomic growth and committed to collaborating toward realizing their common objectives. The tenth anniversary of CPEC was seen as a fresh start for mutual expansion and cooperation, with the ongoing second phase of CPEC requiring China and Pakistan to intensify economic connectivity within the region and beyond. The occasion called for increased Chinese investment to strengthen bilateral economic cooperation, particularly in Special Economic Zones (SEZs). For real estate news and update visit realtorspk blog.

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