On Tuesday, China and Pakistan agreed to work by promoting joint ventures and export-led growth under China Pakistan Economic Corridor (CPEC) by declaring 2019 as a year of industrial, socioeconomic and agricultural cooperation.
The Minister for Planning Makhdum Khusro Bakhtyar, said during a meeting with the Chinese ambassador Yao Jing, that the Memorandum of Understanding (MoU) on Industrial Cooperation signed during the 8th Joint Coordination Committee on CPEC provided a framework to promote communication on key industries such as textile, petrochemical and iron and steel. It encouraged Chinese investors to relocate and explore opportunities of investment in Pakistan. Besides that, matters of mutual interest including progress on CPEC projects were also discussed in the meeting.
Meanwhile, Ambassador Yao Jing also appreciated the 8th Joint Cooperation Committee (JCC) meeting which was held successfully in a cordial atmosphere where all deliverables were accomplished and the scope of the cooperation was expanded to new opportunities. China is one of the countries which aided Pakistan to meet their financial requirements. Bakhtiyar, however, said that, under CPEC, Pakistan can become an ideal destination for investment in different sectors. He further said that the Ministry of Planning would facilitate Chinese investors looking for opportunities under CPEC and create a pull effect. “The government is working on policies that will improve ease of doing business in the early time frame”, he said.
Bakhtiyar also said that the first meeting of the Joint Working Group (JWG) on socio-economic development was a major milestone and that the action plan discussed will support the upliftment of less developed areas. “Both countries agreed to work out for speedy implementation of initiatives in already identified six areas including agriculture, education, medical treatment, poverty alleviation, water supply and vocational training projects,” he said.
Ambassador Yao Jing also appreciated the efforts of the Government of Pakistan for facilitating Chinese investors and informed that a large number of Chinese investors would visit Pakistan soon to further strengthen the bonds of economic and bilateral cooperation.