China's $20 billion plan with Pakistan

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China's $20 billion plan with Pakistan

ISLAMABAD: Chinese scholar Dr Zhang Yifeng on Friday said that China has entered into an era of geo-economic relationship with Pakistan and it plans to boost two-way trade from $12 billion to $20 billion.

China aims at investing $1.3 trillion in Belt and Road Initiative (BRI) member states by the year 2027 which would become the single-largest investment by any state to help boost regional and trans-regional connectivity and trade.

Addressing the participants at a seminar titled “CPEC: An overview of current developments” held under the aegis of Muslim Institute, the Chinese scholar from Shanghai Academy of Social Sciences, China, said that China-Pakistan Economic Corridor (CPEC) has truly become a gateway to prosperity by linking Western China with Pakistan.

He said that China has entered into an era of geo-economic relationship with Pakistan and it plans to boost two-way trade from $12 billion to $20 billion.

Other than Dr Zhang Yifeng, Prof Zamir Ahmed Awan from National University of Science & Technology (NUST) Islamabad, Dr Hassan Yaser Malik, chartered member of Institute of Logistics & Transportation, UK, defence analyst Brig (r) Asif Haroon Raja, Muslim Institute Chairman Sahibzada Sultan Ahmad Ali, former Islamabad Chamber of Commerce president Zafar Bakhtavri and Institute of International Relations, Shanghai Academy of Social Sciences, China Deputy Director Dr Li Kaisheng also spoke on the occasion.

Dr Zhang said that CPEC is the cornerstone of BRI which is rooted in the Silk Road. He said that CPEC is the spirit of peace, cooperation, openness, inclusiveness and mutual benefit.

“BRI provides Pakistan and the surrounding countries a great opportunity by giving an integrating platform for over three billion people in Central, West, South Asia as well as the Middle East and Africa,” he said.

The Chinese scholar said that CPEC is aimed at boosting the economic growth of Pakistan while ensuring energy security, development of agriculture sector along modern lines, the establishment of Special Economic Zones (SEZs), tourism development, human resource development, national integration and regional linkages as well as technological innovations.