ISLAMABAD – Pakistan and China agreed on Tuesday expediting work bypromoting joint ventures and export led growth under China PakistanEconomic Corrdior (CPEC) by declaring 2019 as “year of industrial,socioeconomic and agriculture cooperation”.The Memorandum of Understanding (MoU) on Industrial Cooperation, signedduring 8th Joint Coordination Committee on CPEC provides a framework topromote communication on key industries such as textile, petro-chemical andiron and steel, encourages Chinese investors to relocate and exploreopportunities of investment in Pakistan, Minister for Planning MakhdumKhusro Bakhtyar said during a meeting with Chinese ambassador Yao Jinghere.During the meeting, matters of mutual interest including progress on ChinaPakistan Economic Corridor projects came under discussion.Ambassador Yao Jing appreciated that 8th Joint Cooperation Committee (JCC)meeting held successfully in a cordial atmosphere where all deliverableswere achieved and the scope of the cooperation was expanded to new avenues.The Minister highlighted that Pakistan can become an ideal destination forinvestment in different sectors. He said that Ministry of Planning wouldfacilitate Chinese investors looking for opportunities under CPEC andcreate a pull effect.The Minister highlighted that government is working on policies that willimprove ease of doing business in early time frame.Khusro Bakhtyar said that the first meeting of the Joint Working Group(JWG) on Socio economic development was a major milestone and the actionplan discussed therein will support uplift of less developed area. Pakistanside has already forwarded invitation letter to China for visit of theexpert team.“Both side agreed to work out for speedy implementation of initiatives inalready identified six areas including agriculture, education, medicaltreatment, poverty alleviation, water supply and vocational trainingprojects” he intimated.The Minister hoped that JWG on Agriculture meeting, scheduled for February15 next would provide an opportunity to broaden CPEC Cooperation.He emphasized that Chinese investors should explore investmentopportunities in agriculture sector of Pakistan for input supplies as wellas food production, processing, logistics, marketing and exports in avertically integrated way on their own or in joint ventures (B2B) withPakistani companies.Both the side agreed to ensure that this year Gwadar Projects such as NewInternational Airport, Hospital and Vocational Institutes will hit groundwith in three months as these projects are beneficial for the localpopulation and will therefore gain the support and trust of the localpopulation.Ambassador Yao Jing appreciated the efforts of Government of Pakistan forfacilitating Chinese investors and informed that a large number of Chineseinvestors would visit Pakistan soon that would further strengthen the bondsof economic and bilateral cooperation.
Pakistan and China agree to expedite joint ventures under CPEC
