of approximately $2 trillion, which is next to the United States (26%) [8]. Comments are moderated and generally will be posted if they are on-topic and not abusive. The developments are set to contribute towards achieving sustainable higher economic growth rate in Pakistan. Phase-II of CPEC will build on the success of the early harvest projects and in 2020 resources will be focused towards generating greater economic activity and job creation, he added. It is also pertinent to note that Policy shift in Middle East and South Asia would be beneficial for CPEC. “The Chinese companies will be clubbed with local business houses which would promote business to business cooperation of the two countries.”, Woman loses life savings, sues casino-style app, Millions face hunger as Myanmar crisis worsens, United Nations says, Afghanistan, Pakistan and Turkish ministers to discuss Afghan peace prospects, Biden expected to recognize massacre of Armenians as genocide, SC bench exchanges barbs during Justice Isa's case hearing, Facebook says Palestinian spies behind hacking campaign. Experts from the academic and business community have welcomed the appointment of the new Chinese Ambassador to Pakistan, Nong Rong. Earlier this month, the country witnessed a landmark achievement in the hydel power production with inauguration of construction work on the mega projects of Diamir Bhasha Dam and Azad Pattan Hydel Power Project. This material may not be published, broadcast, rewritten, 104-C, 4th Floor, Main Khayaban-e-Ittehad, Phase-2 Extension, D.H.A (7,469.45 mi) Karachi, Sindh, Pakistan, 75500. It is the network of highways, railways and pipelines to transport oil and gas. With respect to agriculture sector, the CPEC chairman said the sector is providing livelihood to maximum labour force. Work on CPEC Phase-II gains momentum CPEC Authority chairman says nine out of 17 energy projects have been completed, eight others under construction APP July 30, 2020 May 9, 2020. “The idea is that all matters relating to the CPEC projects should be handled at one place by all the ministries and departments concerned, and the investors should get their issues cleared without any hassle,” CPEC Authority Chairman Lt Gen (retd) Asim Saleem Bajwa said in a recent interview. copyrighted © 2021 The Express Tribune. We should use the China-Pakistan Economic Corridor (CPEC) to drive our practical cooperation with focus on Gwadar port, energy, infrastructure development and industrial cooperation so that the fruits of its development will reach both; the people in Pakistan and the people of other countries in our region...Let us work together to create an even brighter future for China and Pakistan.”. ... “There might be some glitches here and there, but broadly the work on the first phase progressed smoothly. Federal Minister for Planning, Development & Reform and Special Initiative Asad Umar said in November 2019 that ongoing phase of CPEC will bring about socio-economic benefits for the welfare of the people, noting "that the bilateral framework agreements have now entered into the second phase with a focus on poverty alleviation, agriculture and industrial cooperation. On 1st September, 2016, Ground Breaking Ceremony was held for the Gwadar Free Zone, which has drawn much attention from the business community. He said the process for relocation of Chinese industry in Pakistan was in progress. So far nine out of 17 energy projects have been completed and eight others are under construction, while the work on remaining five is yet to start. EVENT. The SEZs and then industries relocation to Pakistan from other regions of the world, including China, as well as the rapid growth in service industry catering to transit trade via CPEC routes would pave the way for the desired gross domestic product (GDP). Umar said CPEC Phase-II focuses on industrialization, socioeconomic development, agriculture modernization, and tourism promotion. CPEC Authority chairman says nine out of 17 energy projects have been completed, eight others under construction. This material may not be published, broadcast, rewritten, Details from original documents laying out the CPEC long term plan are publicly disclosed for the first time. China-Pakistan Economic & Technological Cooperation Agreement. Before CPEC, Pakistan was going through the worst load on power management and according to the government of Pakistan, the country was losing $4-5 billion every year due to energy shortages, while the estimated cost did not include social costs to society.. On the other hand, the National Highway Authority (NHA) estimated that Pakistan needed $1.2 billion to rehabilitate the … Unless otherwise stated, all content is Phase-2 is about bringing FDI which requires other actors beside China. In the first phase of the project, 24 schools for boys and 26 for girls, which were fully damaged during militancy in Bara tehsil of Khyber district, will be reconstructed. Under the CPEC framework, the two sides have identified two industrial cooperation projects, namely Haier-Ruba Economic Zone (2006) phase II and Gwadar Free Zone. ", Earlier, former federal minister for planning, development and reform Makhdoom Khusro Bakhtiar had said, "Under CPEC’s next phase, the industrial base of the country would be expanded which would help in increasing the country’s exports.”. CPFTA-II (China Pakistan Free Trade Agreement Phase II) 2. "CPEC is the hope of a better region in the future with peace, development and growth of the economy," the CPEC Authority stated. 16 No. Will US troops leave Afghanistan as announced? As with all such big platforms, the challenges to CPEC 2.0 are legion. Published in The Express Tribune, December 25th, 2020. MoU on CPEC Social Economic Cooperation. A network of pipelines to transport liquefied natural gas and oil will also be laid as part of the project, including a $2.5 billion pipeline between Gwadar and Nawabshah to eventually transport gas from Iran. China Overseas Ports Holding Company Ltd. (COPHC) is constructing Gwadar … copyrighted © 2021 The Express Tribune. ", Besides, the transmission line was included in the actively promoted energy projects list. The report also delivered hopeful news, “As per the Chinese assessment, Phase I of CPEC will be completed in 4Q19 and the next phase will ensure more social-economic and industrial cooperation. On 1st September, 2016, Ground Breaking Ceremony was held for the Gwadar Free Zone, which has drawn much attention from the business community. The CPEC Phase II envisages 27 projects that will start shortly. Having indigenous coal supply is chosen for a power project wants to from. New government later cancelled this project due to budgetary constraints that are under throughout. 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