China to provide $1 bln for socio-economic development

June 21, 2019 (MLN): Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar has said that China Pakistan Economic Corridor (CPEC) project is now entering into the second phase wherein bilateral cooperation in agriculture and industrial sectors will be enhanced.

He stated that cooperation in industrial sector will further strengthen bilateral partnership between the two countries.

The Minister said this while addressing a CPEC Forum on “Regional Cooperation and Industrial development through B2B Cooperation” in Islamabad on Friday.

Deputy Chairman Senate Saleem Mandvi wala, Chinese ambassador Yao Jing, Project Director CPEC Hassan Dawood and representatives from different private sectors and seniors government officials also attended the seminar.

The Minister said that China will provide $1 Billion for socio–economic development projects in Pakistan, including education, health, and water and poverty alleviation.

Khusru Bakhtyar underlined the need to increase tax-to-GDP ratio for achieving sustained economic development.

He highlighted that the government is taking various measures to enhance exports adding that China has granted free excess on export of 313 items.

The consolidation of second phase of China Pakistan Free Trade agreement will increase Pakistan’s exports by tapping the potential in agriculture, textile, food, minerals, engineering and other sectors.

The Minister said that the incumbent government wants to promote B2B cooperation under CPEC framework and in this regard Pak-China Business forum is being established.

He said that in the second phase of CPEC industrialist and business community will have to come forward and play their due role in development of the country.