Pakistan on Monday set up a special body to oversee investments and execute projects under the multi-billion China-Pakistan Economic Corridor (CPEC) project. President of Pakistan Arif Alvi promulgated an ordinance to set up the CPEC Authority on the eve of Prime Minister of Pakistan Imran Khan's trip to China to discuss investment opportunities.
Army Chief of Pakistan General Qamar Javed Bajwa has also reached China where he will meet the country's military leadership and join Pakistan PM Imran Khan in his political meetings, according to a brief statement by the Pak Army. Alvi also issued another ordinance to grant tax concessions to the Gwadar Port and its free zone.
While the "CPEC Authority Ordinance 2019" will set up the new body to oversee and implement the CPEC, the "Tax Laws (Amendment) Ordinance 2019" will give income, sales tax and custom duty exemptions to Gwadar Port and Gwadar Free Zone. The CPEC Authority will carry forward the work from the CPEC secretariat. The CPEC was launched in 2015 when Chinese President Xi Jinping visited Pakistan.
Beijing's envoy on September 8, had informed PTI that China is looking forward to investing $1 billion in the development projects being executed in Pakistan. The monetary investment comes as both the countries further strengthen their bond and seek to boost the bilateral ties. China’s Ambassador to Pakistan Yao Jing in a conversation with a delegation at the Women’s Chamber of Commerce and Industry (IWCCI) revealed that the progress of the development projects under the China-Pakistan corridor (CPEC) is smooth and satisfactory.
The China-Pakistan Economic Corridor (CPEC) is an immense project which is being made with an objective to extend from the western Chinese city of Kashgar to Pakistan's port of Gwadar, which is situated close to Iran and Persian Gulf shipping regions. This project is a noteworthy project of Beijing's more extensive Belt and Road Initiative. Post the 2015 Xi Jinping visit to Pakistan, on April 20, 2015, the initiation of China-Pakistan Economic Corridor (CPEC) was executed. The expense of this project is roughly $62 billion. According to reports, Wang said that out of 22 collaboration extends in Pakistan, nine activities have been finished up until now.
(INPUTS FROM PTI)