China-Pakistan ties would get stronger and stronger in the future, because of China-Pakistan Economic Corridor (CPEC) which connected Pakistan and China and part of the Belt and Road Initiative (BRI) of President Xi Jinping. Pakistan and China not only saw each other as iron brothers, but they also thought that China and Pakistan relationship was as high as the Himalayas. China and Pakistan relationship went back 70 years, and it was an all-weather relationship. China-Pakistan Economic Corridor (CPEC) has entered into next phase after successful visit of Prime Minster Imran Khan to China.The SAPM termed recent visit of the premier a welcoming step which would further strengthen bilateral relations between both the friendly countries. Pakistan and China has signed different agreements of billions of rupees during prime minister’s visit which shows the strong friendship between the two countries. The country’s economy is moving on the right direction under the dynamic leadership of Prime Minister Imran Khan as he has developed historical relations with all friendly countries including China.
The first phase of CPEC was connectivity. During the Phase-I of CPEC, out of $53 billion investments of $25 billion were materialize whereas $28 billion were under consideration. Fresh steps are being taken for rehabilitation of industries and industrial development in Pakistan. The phase-2 of the corridor involved multi-billion dollar investments in Pakistan as most of Chinese companies had shown their interest to investment in country. During his two-day historic visit to China, Prime Minister Imran Khan held around 20 back-to-back meetings with representatives of around 500 companies to help bring investment into the country. Prime minister listened to the representatives of these companies patiently and assured them of full cooperation of his government for investing in the country.
The PM presented a pitch book to Chinese leading companies which included detailed information and investment opportunity in various sectors of economy including textile, pharmaceutical, footwear, information technology, agriculture, cottage industry. The CPEC Authority provided one-window facility to the Chinese investors adding that if there issues still remain unresolved, then PM house is there to address the issues.
Under the Phase-2, Chinese companies would support in setting up Steel and Metal Recycling Plant in Gwadar within three years, which would produce metals worth $4.5 billion for exports besides creating 40000 jobs. Chinese companies would also help develop agriculture of the country on modern lines to enhance per acre yield and seed quality.
Some companies were interested to grow maize and soybean in Pakistan. A Chinese company would invest in building LNG storage at Karachi port whereas a factory for value added products would be set up on Lahore-Kasur road in the textile sector.
Another Chinese company Royal Guru was interested to invest $50 million in auto-sector of the country.
Chinese companies want to invest $200 million in making medical devices whereas as investment of $2 billion by the Chinese companies would be made for laying optical fiber.
Chinese companies want to invest in science and technology zone and were also interested in supporting bidding for privatization of Pakistan Steel Mills (PSM). Both the countries China and Pakistan had agreed to move forward with the second phase of CPEC.
