CPEC in second phase

CPEC in second phase

China and Pakistan marked the 10-year anniversary of the China-Pakistan Economic Corridor (CPEC) with a special ceremony. During the event, six new joint cooperation documents were signed to accelerate the second phase of CPEC.

Chinese Vice Premier He Lifeng was conferred with the Hilal-i-Pakistan award and met with President Arif Alvi and Prime Minister Shehbaz Sharif.

Read more | PM Pakistan offered India to participate in CPEC

In his speech, PM Shehbaz Sharif acknowledged the $25 billion investment made under CPEC in power, roads, hydel, and public transport over the past decade.

He emphasized the importance of the second phase, which would involve B2B investments in agriculture and information technology to meet Chinese standards for product export.

The PM also expressed hope for the successful execution of the ML-1 railway project and Karachi Circular Railway.

In their meeting, the PM and Chinese Vice Premier expressed satisfaction with CPEC’s steady development and affirmed its significance for Pakistan’s socio-economic progress.

They discussed bilateral ties and reiterated their commitment to further expand CPEC.

President Alvi conferred the Hilal-i-Pakistan award upon Mr. Lifeng in recognition of his contribution to Pakistan-China friendship and CPEC promotion.

Terrorist attack in Bajaur

In light of the recent terrorist attack in Bajaur, the celebrations were kept simple out of respect for the victims. A cultural show was canceled upon the PM’s direction to mourn the lives lost.

Additionally, the Bank of China (BOC) opened its second branch in Islamabad, and Finance Minister Senator Ishaq Dar expressed that the renminbi would soon become an internationally adopted parallel currency, as more countries are formalizing its use.

Read more | Shehbaz, Xi agree to cooperate on CPEC, other areas

The celebrations marked a significant milestone in the Pakistan-China relationship and the progress of the CPEC project over the past decade.

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