Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Pakistan, China ink framework agreement on industrial cooperation under CPEC
02-06-2022, 02:26 PM
Post: #1
Pakistan, China ink framework agreement on industrial cooperation under CPEC

Pakistan, China ink framework agreement on industrial cooperation under CPEC


Pakistan and China on Friday inked the Framework Agreement on Industrial Cooperation under the China Pakistan Economic Corridor (CPEC) following Prime Minister Imran Khan's arrival in Beijing the previous day.

The prime minister is in China to attend the opening ceremony of the Winter Olympics and meet the Chinese leadership.

State Minister and Chairman Board of Investment Mohammad Azfar Ahsan and Chairman National Development & Reform Commission (NRDC) He Lifeng signed the accord.

The objective of the Joint Working Group (JWG) on Industrial Cooperation is to attract foreign direct investment (FDI), promote industrialisation and development of economic zones, and initiate, plan, execute, and monitor projects, both in public as well as the private sector.

The engagement with China under JWG is envisaged to increase labour productivity in Pakistan, enhance industrial competitiveness, increase exports, and sustain diversification in the exports basket.

During the 8th Joint Cooperation Committee (JCC) meeting of CPEC held in 2018, both sides had signed a Memorandum of Understanding that formed the basis for future engagements between the parties under the ambit of industrial cooperation.

As CPEC entered its second phase, which primarily revolves around the development and industrialisation of Special Economic Zones (SEZs), the need for a comprehensive framework agreement became imperative.

Similar agreements have also been signed for Early Harvest CPEC Projects on energy and infrastructure.

With continuous efforts of the Board of Investment (BoI), both sides reached the consensus to elevate the existing MoU into a Framework Agreement in 2020.

After extensive stakeholder consultations and with the approval of the prime minister, BoI shared the draft framework with NDRC in November 2020, which has been formulated keeping in consideration the needs of CPEC Phase II.

The signing ceremony of the framework agreement is a significant outcome of the prime minister's visit and a top agenda from the Chinese side as a testimony to their interest in CPEC.

PM holds meetings with Chinese businessmen
Later in the day. Prime Minister Imran Khan held a series of meetings with officials from China’s leading state-owned and private companies.

According to the Prime Minister's Office (PMO), the premier met with executives from China Communication Construction Company, Huazhong Technology, Zhejiang Seaport Group, Challenge Apparel, Hunan Sunwalk Group Royal Group, China Road and Bridge Corporation, Zhengbang Group and China Machinery Engineering Corporation.

"The corporate leaders briefed the prime minister on the progress of their on-going projects in Pakistan," the PMO statement said.

The Chinese businessmen showed a keen interest in expanding investment in Pakistan in projects related to recycling of metal and paper, energy, textile, fibre-optic networks, housing, dairy and water management, it said.

In his remarks, PM Imran appreciated the keen 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.

Reference:
https://www.dawn.com/news/1673244
Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  Joint Working Group on CPEC’s security urged to meet regularly LRE-Azan 0 364 02-06-2022 02:28 PM
Last Post: LRE-Azan
  CPEC delivering tangible benefits to people of two countries: PM LRE-Azan 0 299 02-06-2022 02:13 PM
Last Post: LRE-Azan
  CPEC News : US $1.9 bln Suki Kinari hydropower project to become operational by year LRE-Azan 0 310 11-08-2021 02:32 PM
Last Post: LRE-Azan
  Pakistan and China Discuss on Railway Project - Development News LRE-Azan 0 3,084 07-16-2018 07:32 PM
Last Post: LRE-Azan
  GIEDA had Completely Ignored the Rules in allotting Commercial & Industrial plots LRE-Azan 0 3,958 01-03-2018 04:43 PM
Last Post: LRE-Azan
  CPEC will Qualify Pakistan to Boost trade with European countries LRE-Azan 0 3,128 11-01-2017 02:10 PM
Last Post: LRE-Azan
  Nawaz Disqualification Will Not Affect CPEC,China Salman 0 2,459 07-29-2017 05:41 PM
Last Post: Salman
  Agreement signed to run Metro Train in Lahore Salman 0 4,098 04-14-2015 03:08 PM
Last Post: Salman
  CDA mulls shifting industrial zone Salman 0 3,709 02-26-2014 10:33 PM
Last Post: Salman
Smile Gawadar Industrial Estate Development Authority Newspaper Ad Salman 0 4,200 02-26-2014 10:16 PM
Last Post: Salman
  CDA focuses on commercial activity in industrial area Salman 0 3,664 01-20-2014 07:41 PM
Last Post: Salman
  Garments industrial zone renamed Punjab Apparel Park CMY 0 3,326 01-16-2014 09:11 AM
Last Post: CMY
  Punjab Government Issues Final Warning To The Industrial Units In Residential Areas Salman 0 5,271 12-13-2013 12:15 PM
Last Post: Salman
  Punjab Government Issues Final Warning To The Industrial Units In Residential Areas Salman 0 5,399 12-11-2013 06:07 PM
Last Post: Salman
  DHA City Karachi: Agreement signed to establish Pakistan’s first smart city Salman 0 8,229 11-29-2013 01:13 PM
Last Post: Salman
  Land Sale Agreement Between DHA And ETPB Declared Void Salman 0 9,123 10-04-2013 07:04 PM
Last Post: Salman
  Linkage of Gwadar Port with Karakorum Highway will multiply Pakistan exports to China Salman 0 7,340 09-24-2013 11:42 AM
Last Post: Salman
  Cooperation in energy sector to energise Pak-Tajikistan relations Salman 0 2,869 05-08-2013 01:58 PM
Last Post: Salman
  Russia waits for real investment cooperation Salman 0 2,871 04-26-2013 12:35 PM
Last Post: Salman
  Agreement signed to hand over Gwadar Port to Chinese company Salman 1 11,849 02-20-2013 02:15 AM
Last Post: LRE

Forum Jump:


User(s) browsing this thread: 1 Guest(s)