ISLAMABAD – Pakistan and China have decided to give a new impetus to theChina-Pakistan Economic Corridor (CPEC).

Federal government has introduced new targets of socio-economic developmentunder this unprecedented mega project.

“This development initiative would prove as a bright future for Pakistan”,said Minister for Makhdum Khusro Bakhtyar during a marathon session withhis Chinese counterpart Ning Jizhe on Sunday.

Reaffirming the present government’s commitment on CPEC, the ministercategorically said that all out efforts to be made for the success of thisproject of economic development and prosperity. CPEC is a reality andbright future of Pakistan, which aimed at initiating a modern era of tradeand economic growth, he added.

He said that new dimensions are being added to take CPEC to further height.“To achieve the new set targets, the government is dedicated to put allenergies together to make progress at the earliest,” Makhdum KhusroBakhtyar reiterated.

During the meeting, both the sides expressed their agreement that CPEC isan engine of rapid growth in Pakistan and manifestation of Pak-Chinarelations that would further promote inclusivity. Both the countries agreedon introducing a mechanism to ensure third country participation in CPEC.

The minister said that the present government accords top priority to thedevelopment of Gwadar as a stand-alone project. The port city is going tobe transformed as a transshipment hub and a center for industrialisationwith a special focus on heavy industries with a kind of incentives thatproduce a high rate of return, he added.

“The government intends to encourage projects based on indigenous sourcesof energy including Thar coal, hydel and renewables as the choice of localenergy sources would reduce our import bill and guarantee cheaper energy.”

On this occasion, Ning Jizhe lauded the PTI government’s agenda and effortsfor social and economic development of Pakistan and reiterated hiscommitment that Chinese companies would effectively work for completion ofCPEC projects. He agreed to work closely with the new government to achievethe set targets.

The two sides decided to further expedite development projects in Gwadarand to ensure groundbreaking of New Gwadar International Airport, technicalinstitute and hospital this year.