CPEC’s second phase will focus on industrial cooperation

ISLAMABAD: The second phase of the China-Pakistan Economic Corridor (CPEC) would focus on industrial cooperation to explore business opportunities in textile, industry, agriculture, science and technology, tourism and other areas.

This was decided in a meeting held between Board of Investment (BOI) Chairman Atif R Bokhari and Ambassador of China to Pakistan Yao Jing here on Tuesday.

Chinese Ambassador Yao Jing called on the BOI chairman here at Board of Investment.

During the meeting, it was accentuated that 2nd phase of CPEC would focus on industrial cooperation involving investors to explore business opportunities in different areas. It was also discussed that G2G cooperation would extend to B2B cooperation.

The BOI chairman underscored that the challenges posed by the coronavirus pandemic have provided Pakistan and China an opportunity to delve deeper into strategising for better implementation and cooperation.

Bokhari said during the high-level exchanges between the leaders of Pakistan and China, the two sides agreed that the focus of the second phase of CPEC was to complete all projects under construction in a timely manner and continue to realise their full potential for socio-economic development, job creation, improvement of people’s livelihood, accelerated industrial development, industrial parks and cooperation in the agricultural fields.

“We are confident that all projects under CPEC will be completed in a timely manner to achieve the desired goals and set a new example for international cooperation based on common interests, common goals and common future,” he said.

Project Director PMU of BOI on CPEC Industrial Cooperation Asim Ayub informed the meeting that first draft of framework agreement on industrial cooperation would be shared with NDRC by end of May after due consultations with the stakeholders.

The meeting developed consensus to hold Joint Working Group on IC in second week of June 2020.

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