Pakistan and China agree to expedite joint ventures under CPEC
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ISLAMABAD - Pakistan and China agreed on Tuesday expediting work by promoting joint ventures and export led growth under China Pakistan Economic Corrdior (CPEC) by declaring 2019 as “year of industrial, socioeconomic and agriculture cooperation”. The Memorandum of Understanding (MoU) on Industrial Cooperation, signed during 8th Joint Coordination Committee on CPEC provides a framework to promote communication on key industries such as textile, petro-chemical and iron and steel, encourages Chinese investors to relocate and explore opportunities of investment in Pakistan, Minister for Planning Makhdum Khusro Bakhtyar said during a meeting with Chinese ambassador Yao Jing here. During the meeting, matters of mutual interest including progress on China Pakistan 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 deliverables were achieved and the scope of the cooperation was expanded to new avenues. The Minister highlighted that Pakistan can become an ideal destination for investment in different sectors. He said that Ministry of Planning would facilitate Chinese investors looking for opportunities under CPEC and create a pull effect. The Minister highlighted that government is working on policies that will improve 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 action plan discussed therein will support uplift of less developed area. Pakistan side has already forwarded invitation letter to China for visit of the expert team. “Both side 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 intimated. The Minister hoped that JWG on Agriculture meeting, scheduled for February 15 next would provide an opportunity to broaden CPEC Cooperation. He emphasized that Chinese investors should explore investment opportunities in agriculture sector of Pakistan for input supplies as well as food production, processing, logistics, marketing and exports in a vertically integrated way on their own or in joint ventures (B2B) with Pakistani companies. Both the side agreed to ensure that this year Gwadar Projects such as New International Airport, Hospital and Vocational Institutes will hit ground with in three months as these projects are beneficial for the local population and will therefore gain the support and trust of the local population. Ambassador Yao Jing appreciated the efforts of Government of Pakistan for facilitating Chinese investors and informed that a large number of Chinese investors would visit Pakistan soon that would further strengthen the bonds of economic and bilateral cooperation.
