Accord signed with China for industrial cooperation under CPEC Phase II

industrial cooperation under CPEC

With the visit of Prime Minister Imran Khan in Beijing the previous day, Pakistan and China on Friday pen down the Framework Agreement on Industrial Cooperation under the China Pakistan Economic Corridor (CPEC).

The premier arrived in China to join the opening ceremony of the Winter Olympics and see the Chinese leadership. The accord was signed between State Minister and Chairman Board of Investment Mohammad Azfar Ahsan and Chairman National Development & Reform Commission (NRDC) He Lifeng.

The aim of the Joint Working Group (JWG) on Industrial Cooperation is to fascinate foreign direct investment (FDI), stimulate industrialization and growth of economic areas, and initiate, strategy, implement, and supervise projects, both in the public and the private sector.

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Moreover, during the meeting of the 8th Joint Cooperation Committee (JCC) of CPEC held in 2018, the two sides had signed a Memorandum of Understanding that shaped the foundation for forthcoming actions between the parties under the domain of industrial cooperation.

As CPEC arrived at its second stage, which mainly gyrates around the growth and industrialization of Special Economic Zones (SEZs), the necessity for a complete framework contract became vital.

However, comparable contracts have also been taken on for Early Harvest CPEC Projects on energy and infrastructure.

With unceasing determinations of the Board of Investment (BoI), the two parties reached the accord to raise the existing MoU into a Framework Agreement in 2020.

“The corporate leaders briefed the prime minister on the progress of their on-going projects in Pakistan,” as per the Prime Minister’s Office PMO statement.

Meanwhile, PM Imran cherished the profound interest of the Chinese companies to invest in Pakistan.

“Highlighting deepening economic and trade ties between the two countries, he informed the Chinese corporate leaders about steps [taken] to create [a] conducive environment for Chinese investment in Pakistan and encouraged them to benefit from business-friendly policies for investment in CPEC SEZs,” the statement said.

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