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.
Prime Minister Muhammad Shehbaz Sharif and Vice-Premier of State Council of China, He Lifeng in tête-à-tête meeting at Prime Minister's House Islamabad, today.#DecadeOfCPEC pic.twitter.com/fX2hEyntVX
— Prime Minister's Office (@PakPMO) July 31, 2023
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.
Prime Minister Shehbaz Sharif and Vice-Premier of State Council of China and Special Representative of President Xi, He Lifeng witnessed the signing ceremony of agreements/MoUs regarding cooperation between the two countries in various fields. Islamabad, today.#DecadeOfCPEC pic.twitter.com/KK2dvWCHBG
— Prime Minister's Office (@PakPMO) July 31, 2023
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.
