China and Pakistan have agreed to expedite work by promoting joint ventures and export-led growth under CPEC by declaring 2019 as “year of industrial, socioeconomic and agriculture cooperation.” To this end, Chinese Ambassador in Islamabad Yao Jing met with Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar here on Tuesday.
During the meeting, matters of mutual interest including progress on China Pakistan Economic Corridor projects came under discussion. Ambassador Yao Jing appreciated the 8th Joint Cooperation Committee (JCC) meeting held successfully in a cordial atmosphere where all deliverables were achieved and the scope of the cooperation was expanded to new avenues.
Minister Makhdum Khusro Bakhtyar said that the MoU on Industrial Cooperation signed during 8th JCC provides a framework to promote communication across key industries such as textile, petro-chemical and iron & steel, thereby encouraging Chinese investors to relocate and explore opportunities of investment in Pakistan.
The minister highlighted that Pakistan can become an ideal destination for investment in different sectors. He said that Ministry of Planning, Development and Reform would facilitate Chinese investors seeking investment opportunities under CPEC and create a pull effect. He highlighted that government was working on policies to improve ease of doing business.
MoU signed during 8th Joint Cooperation Committee
Minister told that the first meeting on socioeconomic development was a major milestone and the action plan discussed therein will support uplifting of the less developed area. Pakistan has already forwarded invitation letter to China for visit of the expert team.
“Both sides commit to work out speedy implementation of initiatives in already identified six areas including agriculture, education, medical treatment, poverty alleviation, water supply and vocational training projects” remarked Khusro Bakhtyar.
Minister hoped that JWG on Agriculture meeting, scheduled for 15th February this year, would provide an opportunity to broaden cooperation under CPEC. He emphasized that Chinese investors should explore investment opportunities in agricultural sector of Pakistan for input supplies as well as food production, processing, logistics, marketing and exports in a vertically integrated way on their own or in joint ventures (B2B) with Pakistani companies.
Both sides agreed to ensure that this year Gwadar Projects, such as New International Airport, Hospital and Vocational Institutes, will hit ground within three months as these projects were beneficial for the local population and will therefore gain the support and trust of the local population.
Ambassador Yao Jing appreciated the efforts of Government of Pakistan for facilitating Chinese investors and informed that a large number of Chinese investors would visit Pakistan soon that would further strengthen the bonds of economic and bilateral cooperation.
Published in Daily Times, January 16th 2019.
