CPEC is presented to ASEAN diplomatic missions by Pakistan

CPEC is presented to ASEAN diplomatic missions by Pakistan

CPEC is presented to ASEAN diplomatic missions by Pakistan. On Friday, the Ministry of Foreign Affairs held a briefing about the China-Pakistan Economic Corridor (CPEC) for diplomatic missions from countries in the Association of Southeast Asian Nations (Asean).

On the panel of briefers, which was led by the additional secretary (Asia-Pacific), were senior officials from the ministry, the CPEC Authority, and the Board of Investment.

Read more with EL news: PM Shehbaz wants to make CPEC a “trilateral arrangement.”

In her briefing, the additional secretary talked about the main idea behind CPEC, which was based on Pakistan’s desire to connect with the region and its interest in strengthening ties with Central Asia, the Middle East, and East Asia, as envisioned by the Vision East Asia policy.

She stressed that CPEC, the multibillion-dollar project, had given the Pakistan-China All-Weather Strategic Cooperative Partnership, which was based on mutual understanding and respect, a new dimension. Development partners and businesses from all over the world are welcome in Pakistan. They are encouraged to invest, trade, and look for opportunities in Special Economic Zones (SEZs).

The heads of diplomatic missions thanked the Ministry of Foreign Affairs and other relevant government departments for the briefing. They also stressed that both Pakistan and Asean member countries are still interested in improving economic cooperation.

Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam are all part of Asean.

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The first stages toward China-Pakistan Economic Corridor phase II

The first stages toward China-Pakistan Economic Corridor phase II

During the recent visit of a high-ranking Pakistan delegation to Beijing, China didn’t agree to Pakistan’s proposals to ease the immediate economic pressure. Still, it did agree to long-term industrial cooperation, which is important for the second phase of the China-Pakistan Economic Corridor to work (CPEC).

In 2018, Pakistan and China signed a memorandum of understanding (MOU) about industrial cooperation. As the first phase of the CPEC project moved forward, many big infrastructure and power projects were nearing completion. CPEC’s progress was slowed down by political changes in Pakistan and a pandemic that spread quickly.

Other than the framework agreement on industrial cooperation between the countries that make up the CPEC project, Pakistan wanted to get help from a big, powerful country to ease the pressure on its external accounts, make more room for new borrowing, and help with the bank credit issues that CPEC projects have caused for private businesses.

To do this, Pakistan asked China to increase the limit on the currency swap facility from $4.5 billion to $10 billion, help set up a China-Pakistan Industrial Cooperation Fund, and delay the repayment of a $4 billion loan from China that is due this year by a year.

The extended currency swap facility will allow the government to think outside the box when managing the country’s debt. Moving the Chinese loan liability from the federal government’s books to the State Bank’s will free up space for new loans.

The Industrial Cooperation Fund can help private projects under the umbrella of the CPEC get the money they need because local commercial banks aren’t willing to lend because of the risks. Finally, the repayment rollover may stop the loss of foreign exchange reserves that is putting the value of the dollar at risk.

The recent trip to China may not have given us immediate money, but the framework agreement on industrial cooperation is important.

The government approved $11.6 million in compensation for the Chinese people who were hurt in the attack on the Dasu Dam before the trip. The cabinet agreed to pay Rs100bn of the Rs230bn owed to the Chinese power plants. They also ordered the release of Rs50bn right away. The government also ordered the creation of a revolving bank account with a minimum balance of 22% of the power purchase deal with Chinese companies. This account must be kept at least that amount at all times. The Gwadar Power Plant, which has a capacity of 300 megawatts, was also added to Pakistan’s list of high-priority projects in terms of quick payment of bills.

Read more with EL news : Residential projects in DHA City Karachi to be launched

The government thinks the four-day visit will be a great success, with the leaders and private investors having a lot of meetings. Finance Minister Shaukat Tareen was very clear and precise when Dawn asked him about the trip. Of course, the visit was very useful, he said in a text message.

One of the Prime Minister’s Special Assistants, Khalid Mansoor, was excited. The trip was great, Alhamdulillah. Couldn’t be better, he said. During a phone call, he told Dawn that the landmark framework deal had started a journey that could change the country for the better. : “We went to the event well-prepared, and we got the reward for our hard work.” With the right interfaces, I had a lot of fun. They took note of all of our ideas. During the meetings, there was a very positive vibe.

When the framework wasn’t signed for years, he called it a “force majeure.” He blamed the delay on the global health crisis. He said that after he came back from China, there had been a lot of talk about 37 investment projects getting the go-ahead. He said that the exemption for Chinese investors would be available to all investors in special economic zones across the country.

People in the business world were a little worried about what they thought was a gradual shift in the country away from the US and the West. Exporters who wanted to sell their goods in the West said that diplomatic relationships should be balanced. Most of the top-level business leaders we talked to probably didn’t want to be seen as being on the wrong side of the government or their international partners, so they didn’t talk about it at all.

Interloop CEO Musadaq Zulqarnain, who is also CEO of Interloop Ltd. and its affiliates, told people to wait and see what happens before taking a stand on the government’s desire to get closer to China. “It’s hard to tell how the trip to China will go at this point,” he said, referring to Pakistan’s high expectations. People in China are known for taking their time to make a choice. In this case, they took place on the sidelines of the Winter Olympics, a global sports event during a time of crisis.

“Pakistan is in a bad situation.” China, Russia, the United States, and Europe are all important countries for the government to have good relations with. We also have a lot in common with the West regarding business.

China should be the main focus. Bangladesh, Vietnam, Cambodia, and African countries should not be the first choices for Chinese investors. Pakistan should be their first choice instead. During this time, he was worried about the rise in terrorism in Pakistan. This is why.

A message was sent to BOI Chairman M. Azfar Ahsan and Secretary Fareena Mazhar to ask their thoughts on the subject, but their response didn’t reach Dawn until this report was written.

To get the Chinese private sector to move their plants to Pakistan, you can’t just bend backward. I don’t know of a country where the locals don’t want foreign investors to come, but the foreign investors like it. The government needs to get local people to invest if it wants global investors to take a look. A businessman in Karachi, Pakistan, said he was fed up with the unstable gas supply to his plant.

The first stages toward China-Pakistan Economic Corridor phase II.

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Appointment to combat misinformation about CPEC

Appointment to combat misinformation about CPEC

Speakers emphasized the importance of developing a comprehensive strategy to dispel the myths created by misinformation campaigns against the CPEC.

They also discussed the current challenges confronting CPEC and offered suggestions for overcoming them while capitalizing on the opportunities.

They spoke at a Pakistan-China Institute webinar titled ‘CPEC: Fact versus Fiction’ (PCI). The webinar drew over 60 participants online and featured six speakers, including Sher Ali Arbab, Member of Parliament and Chairman, Parliamentary Committee on CPEC, Senator Mushahid Hussain, Chairman Senate Defence Committee and Pakistan-China Institute, and others.

MNA Sher Ali Arbab stated in his keynote address that the Parliamentary Committee on CPEC has established three pillars that serve as a blueprint for its operation:

  • It is nonpartisan.
  • Its proceedings are conducted in secret for responsible messaging.
  • The chairman of the committee serves as its spokesperson.

He emphasized the importance of parliament in influencing public opinion in favor of CPEC through public interaction. He lauded the work on CPEC phase one for bridging the infrastructure gap and eradicating energy scarcity. He dubbed CPEC Phase-II a catalyst for industrial transformation and urged Afghanistan, Iran, and Turkey to be included. Appointment to combat misinformation about CPEC

Read more with EL news : The CDA has begun work on a project to construct a plastic road

Tehmina Janjua To ensure the success of CPEC, we must expand the project’s beneficiaries. She said that Afghanistan, Iran, and Central Asian republics are among the potential beneficiaries in the region. She also emphasized the importance of meaningful engagement with the US, including CPEC, to realize the regional connectivity dream.

Dr. Jawad Sayed, Professor at LUMS, discussed universities’ role in influencing public opinion on CPEC and emphasized the importance of conducting interdisciplinary research on the project. He emphasized the importance of diversity and integration in the success of large-scale projects such as CPEC.

Also Read : Credit to the housing and construction sector increased by Rs139 billion

Senator Mushahid Hussain noted that Pakistan’s relationship with China is unique, time-tested, non-commercial, non-tactical, and not directed against any particular country. He referred to people-to-people connectivity as the bedrock of this relationship, recently reflected in a US Pew survey indicating that 83% of Pakistanis view China as a friend. Appointment to combat misinformation about CPEC

According to him, CPEC Phase 1 has improved infrastructure, alleviated the energy crisis, and resurrected dormant projects such as Gwadar Port and Thar coal. 75,000 Pakistanis gained employment opportunities as a result of phase one projects. Additionally, he stated that the best of CPEC is yet to come in the form of SEZs. He described yesterday’s phone call with President Xi Jinping as timely, emphasizing how resilient, steadfast, and on track CPEC is. He also lauded President Xi Jinping’s Global Development Initiative as a positive development initiative centered on people.

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China-Pakistan Economic Corridor enters the quality development stage

China-Pakistan Economic Corridor enters the quality development stage

China is’ pleased’ as CPEC enters the quality development stage. The China-Pakistan Economic Corridor (CPEC) has achieved new results and reached a stage of high-quality development, according to Chinese Foreign Ministry Spokesperson Wang Wenbin.

“We are pleased that CPEC has achieved new results and reached a stage of high-quality growth,” he said during his regular press briefing in Beijing.

He also pointed to the NDRC briefing where a commission representative updated the public on the latest CPEC developments. “This is an example of encouraging the prosperity and development of countries along the Belt and Road Initiative (BRI),” Wenbin noted.

Read more with EL news : ‘All bilateral investment deals to be renegotiated by Pakistan’

He stated that the Chinese would cooperate with Pakistan to implement the crucial accord reached by the two countries’ leaders and turn CPEC into a model project for BRI quality growth and strengthen the China-Pakistan shared community.

Earlier, NDRC spokesperson Meng Wei stated that the CPEC had entered a new phase of high-quality growth after many years of significant achievements.

The CPEC has made significant progress in Pakistan, with expressways, vocational institutions, and power plants funded by China.

Read more with EL news : The Sindh government has granted NCHS 200 acres of land

First CPEC Project Complete

This important BRI pilot project will boost Pakistan’s socio-economic growth in areas such as energy and transportation, according to the NDRC spokesperson.

“China-Pakistan will continue to strengthen cooperation focused on the Gwadar port, energy, and infrastructure projects,” the statement added. The bond of China-Pakistan friendship get strengthen by this project and they will pursue more and more things in future as well. The project of CPEC is a gateway of future investments for both of them.

On September 23, the CPEC Joint Council for Cooperation (JCC) signed five cooperation documents and three inter-enterprise agreements.

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