Mon. Sep 23rd, 2019

Pakistan and China sign multibillion dollars deals

Muhammad Imran

Beijing:Pakistan and China have signed 14 agreements in areas of telecom, trade, railway, science, social development and special econminc zone under CPEC.

The Prime Ministers Imran Khan and Chinese Primier Li Keqiang witnessed the signing ceremony.

These agreements also include much- delayed Free Trade Agreement (FTA)-II and upgradation of ML-1Railway project unde China-Pak Economic Corridor (CPEC).It also includes establishment of Havelian Dry Port under CPEC.

Under FTA-II, China has given free duty access to 313 Pakistan products to its market. The total of these products to China is US$65 billion and government hopes that Pakistani exporters could immediately benefit exports worth US$1 billion.

Both sides also signed Memorandum of Understanding (MoU) on cooperation in the field of Marine Sciences between the China Geological Survey (CGS). They also signed MoU between CIDCA and Ministry of Planning, Development and Reform on Implementation of the Projects under JWG of CPEC on Socio-Economic Development.

Other agreements are China-Pakistan Economic and Technical Cooperation Agreement and Rashakai SEZ Joint Venture and License Agreement between KPEZMDC and CRBC

Two Prime Ministers also held a bilateral meeting with Chinese Premier Li Keqiang at the conclusion of the 2nd Belt and Road Forum (BRF) in Beijing. The two Prime Ministers were accompanied by Ministers and senior officials.

Both leaders reaffirmed the time-tested and strong friendship between Pakistan and China and exchanged views on the myriad facets of bilateral engagement.

The two sides exchanged views on bilateral collaboration in the context of CPEC and prospects of further deepening economic linkages. The Prime Minister underscored the importance of CPEC for Pakistan’s economy and noted with satisfaction its expansion into new areas of development – including industrial development; livelihood projects; social uplift; and agriculture in line with the priorities of government. He hoped that Chinese investment in Specialized Economic Zones (SEZs) would expand Pakistan’s industrial base and assist in diversifying its export basket.

Underlining the steady growth of bilateral cooperation since the Prime Minister’s last visit to China in November 2018, Premier Li Keqiang expressed satisfaction at the positive momentum of CPEC projects.

He hoped that the conclusion of the Second Phase of China-Pakistan Free Trade Agreement (FTA), would give further boost to trade and economic relations between the two countries. The two sides agreed to further deepen the political, security, economic, education, science & technology, cultural, and people-to-people relations.

Prime Minister was called on by founder and Chief Executive of world leading Chinese Company Huawei Mr. Ren Zhengfei. The founder of the company assured him on expansion plans and heavy investment in Pakistan.

The company has already set up their regional service center in Pakistan where 600 IT professionals are working.

Prime Minister also met with CEOs of Rainbow Agritech Group, Challenge Apparel, Li &Fin Corporation and Foton cars.

On the occasion, Prime Minister Imran Khan informed that Board of Investment was directly reporting to him and he will make sure that all hurdles to investors are removed immediately. He directed Chairman Board of Investment, Pakistan to ensure facilitation to Chinese investors on priority basis.

Advisor to PM in Commerce and Industry Abdul Razak Dawood and Chairman BOI Haroon Sharif assisted the Prime Minister in these key meetings.

Chairman BOI Haroon Sharif informed that Chinese private investment was rapidly scaling up in Pakistan which will lead to technology transfer and increased export competitiveness.

Chairman BoI, Mr. Shairf also met CEO of Orient Group, CEO of Sinopharm, and Challenge Apparel.

Meanwhile, Pakistani and Chinese firms signed different MoUs on cooperation in diverse fields. It includes;

China Railway Construction Corporation (International) Limited & Fastrack Silverlink (Pvt.) Ltd in Conducting Railway Cargo Business

Memorandum of Understanding (MoU) between Government of Pakistan and China Overseas Port Holding Company (COPHC) Ltd. Under Clean Green Pakistan Movement (CGP_M)

MOU for Setting-up First Cloud Centre in Pakistan for Finance and Media Industry in Collaboration with Huawei Technologies and Airlink Communication

Theatrical Distribution Agreement between M&D Films Pakistan and Fire International Media of China for release of film, “Parwaz Hay Junoon” in China

China-Pak Energy Investment (Suzhou) Co., Ltd and Sinohydro Corporation Ltd & PEDO of KP GOV in Framework Investment Agreement of Toren More Kari HPP (350 MW) Chitral, Jameshill Toren More in KP Province

Beijing Jingneng Power Co., Ltd and Power China International Group Limited & Oracle Power PLC in Joint Investment Agreement of 1320 (2*660 MW) Thar Coal Based Power Project at Thar Block VI, Sindh (CPEC Project)

Power China International Group Limited & Atlas Power Limited in Cooperation Agreement of Renewable Energy

Signing of Joint Venture with Sansheng Group for Development of Industrial Zone in Pakistan

Mou for Establishment of Agri platform at Qingdao City

Mou for Bei Da Huang Group & JW SEZ Group Pakistan

Shanghai Yuanyui Industry Co., Limited and China Railway 20 Co., Pakistan (Private) Limited & Board of Investment of Pakistan and PAK China Investment Company Limited in Textile Industry

China Machinery Engineering Corporation (CMEC) & Government of Balochistan in Modern Agriculture Comprehensive Development

Signing of financial agreement between HUBCO and Thalnova for development of 330 MW coal fired power plant in Thar Block 2.

MOU for joint venture of K-Electric 700MW Coal Based Power Project in Partnership with CMEC

MOU for Modern Agriculture Comprehensive Development PROJECT with FATIMA GROUP CO., LTD

CRBC & Khyber Pakhtunkhwa Economic Zone Development and Management Company, Pakistan (KPEZDMC).

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