ISLAMABAD, Nov 02 (INP-WealthPK): Bilateral trade relations between Pakistan and China will increase to new heights after the upcoming trip of Prime Minister Shahbaz Sharif to China, said Minster for Planning, Development and Special Initiatives Ahsan Iqbal while addressing a press conference.
The minister said that “it is hoped that many new projects of strategic and economic importance will be signed with China.” He said that “a roadmap will be finalized with our Chinese partners to increase the annual exports of Pakistan to USD 100 billion. Technical expertise will also be sought from China in various areas.”
He said that “on 27th of October a virtual meeting was held of the Joint Coordination Committee (JCC) of China-Pakistan Economic Corridor (CPEC). Both sides reviewed the progress on all CPEC projects and committed to increasing the pace of ongoing work. We will sign the final agreement with China in the upcoming visit of Prime Minister Shahbaz Sharif to China.”
The Minister emphasized the importance of ML-1 railway project for Pakistan. He said that “current railway tracks are very old and outdated. They do not have the capacity to support modern supply chains. ML-1 after its agreement will be completed on priority basis.”
He blamed the previous government for negligence and said that “not initiating the project on time has increased its cost by USD 3 billion, from USD 6.8 billion to USD 9.8 billion. We will also sign an agreement for the start of work on Karachi-Hyderabad motorway.”
Talking about the public transport system of Karachi, he said “Karachi Circular Railway project will also be signed with the Chinese during the upcoming visit. It will solve the public transport issues of the people of Karachi on the same lines as Orange line metro in Lahore.”
He informed that Dera Ismail Khan-Zhob road project and Mirpur-Muzafarabad-Mansehra road project are also likely to be signed under CPEC adding that Babusar tunnel project has also been included in the CPEC. “A national forensic laboratory will also be established in Islamabad to conduct criminal investigations using modern technologies,” he added.
Ahsan Iqbal said that “Pakistan will be able to increase its agricultural exports to China after the upcoming visit. We will also ink an agreement with China to upgrade our meteorological department to get accurate predictions for weather events.”
He said, “we have extended the scope of CPEC projects, and projects worth USD 29 billion have already been completed. Energy self-sufficiency has been achieved after the completion of 500-MW coal-fired power plants. Road infrastructure has also seen improvements like the completion of Havelian-Thahkot and Multan-Sukkur motorways.”
He added that “exploitation of Thar coal mines has allowed us to generate 1000-MW of electricity with Chinese help. We have also resumed the work on 100-MW transmission line from Iran for Gwadar, to be completed next month. Transmission line between Panjgur and Turbat will be completed early next year, further adding to the national grid besides solving energy problems of Gwadar and Balochistan.”
