Beijing's envoy on Sunday 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 Corridor is a route which will connect Gwadar Port in Balochistan with China's Xinjiang province. The project is an important flagship project and contribution to the Chinese President Xi Jinping’s aspiring Belt and Road Initiative (BRI). The envoy also said that Beijing planned to invest $1 billion in the projects being undertaken in Islamabad. According to Yao 90 percent of the Pakistani exports which includes seafood and agricultural products will attract a zero percent duty once the second phase of the China-Pakistan Free Trade (CPFTA) gets finalized in October.
Yao said that the second phase of the China-Pakistan Free Trade Agreement (CPFTA) will be finalized in October after which 90 percent of Pakistani exports, including agricultural products and seafood, will attract a zero percent duty. He stated that "Market access will increase Pakistan's exports by $500 million, which will reduce the disparity between bilateral trade”. China and Pakistan have always supported one another and have bonded over strategic cooperation partner. They have also backed each other on issues which address each other’s core interests.
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.
(With inputs from PTI)