Pakistan and China have mutually resolved to intensify their collaborative efforts under the China-Pakistan Economic Corridor (CPEC).
To foster this cooperation, they have officially designated 2019 as the ‘Year of Industrial, Socioeconomic, and Agriculture Cooperation.’ This significant development emerged during a meeting between Yao Jing, the Chinese Ambassador to Islamabad, and Makhdum Khusro Bakhtyar, the Minister for Planning, Development & Reform in Pakistan.
The discussion centered around various issues of shared interest, including the progress on CPEC projects. Ambassador Yao Jing commended the successful 8th Joint Cooperation Committee (JCC) meeting, which was characterized by a harmonious atmosphere and achieved all set objectives, thereby broadening the scope of cooperation into new domains.
Minister Makhdum Khusro Bakhtyar emphasized the importance of the Memorandum of Understanding (MoU) on Industrial Cooperation, which was signed during the 8th JCC. This MoU provides a framework to facilitate communication and collaboration in key industries, including textiles, petrochemicals, and iron & steel. It also encourages Chinese investors to consider relocating and exploring investment opportunities in Pakistan.
The Minister highlighted Pakistan’s potential to become an attractive investment destination across various sectors. He underscored that the Ministry of Planning is committed to aiding Chinese investors in identifying opportunities within the CPEC framework and generating a favorable investment climate.
Minister Bakhtyar mentioned that the government is actively working on policies designed to improve the ease of doing business, with a focus on expeditious implementation. Additionally, he acknowledged the significance of the Joint Working Group (JWG) on Socioeconomic Development, describing it as a pivotal milestone. The action plan discussed in the JWG will contribute to uplifting less developed areas in Pakistan.
The Minister conveyed Pakistan’s invitation to China for a visit by an expert team and emphasized the need for expeditious implementation of initiatives across various sectors, including agriculture, education, medical treatment, poverty alleviation, water supply, and vocational training projects.
Regarding the agriculture sector, Minister Bakhtyar anticipated that the JWG on Agriculture meeting, scheduled for February 15, 2019, would create new opportunities for cooperation. He encouraged Chinese investors to explore opportunities in Pakistan’s agriculture sector, encompassing input supplies, food production, processing, logistics, marketing, and exports, either independently or through joint ventures with Pakistani companies.
Both Pakistan and China have committed to ensure the swift initiation of Gwadar projects, including the New International Airport, Hospital, and Vocational Institutes, within the next three months. These projects are integral for the welfare of the local population and are expected to garner local support and trust.
Ambassador Yao Jing praised the Pakistani government’s efforts in facilitating Chinese investors and announced that a significant number of Chinese investors would soon visit Pakistan, strengthening economic and bilateral cooperation further.
This declaration underscores the commitment of both nations to advancing their multifaceted cooperation under the CPEC framework and fostering socio-economic development. It also sets a positive tone for increased Chinese investment and engagement in Pakistan’s growing sectors.
