Federal Planning Minister Ahsan Iqbal states the investment relations between Pakistan and China are stronger, and officials from both countries will engage in detailed discussions, which face challenges. At a ceremony in Islamabad, Ahsan Iqbal emphasized the importance of the China-Pakistan Economic Corridor (C) and expressed intent to further enhance ties with China, focusing on critical projects in the economy, environment, energy, and education. also noted the good and friendly relations with China, showcasing progress in various sectors during the second phase of CPEC, mentioning the ML1 project’s completion in two phases.
The flagship project of China, the Belt and Road Initiative (BRI), includes CPEC. Sixteen energy projects, including generation and transmission projects, are done under the power projects. The federal minister mentioned that CPEC shifted power generation from imported to local fuel, with projects worth $16 billion completed in the power sector. A transport sector completion of eight projects worth $6.7 billion was also highlighted. Significant progress on the $6.08 billion ML-1 project of railways is ready for bidding.
Progress is ongoing on Karachi Circular Railway and work is in progress on Hyderabad Motorway in Sukkur. The start of social development projects in Gwadar was also mentioned under CPEC, with the next phase focusing on agriculture, industry, and science. China’s technology will be moved to special economic zones.
Pakistan has made a decision to request Chinese investment in the Diamarbhasha Dam due to Saudi Arabia not showing interest in the project so far. Sources within the government state that Prime Minister Shahbazif has directed the Ministry of Planning to involve the Diamarbhasha Dam as a component of the Pakistan-China Economic Corridor project.
These directions were given before the Joint Cooperation Committee meeting on CPEC today (Friday). The meeting, happening via video link, will assess the general progress of CPEC. Minister of Planning Ahsan Iqbal will be the representative for Pakistan, whereas the Vice Chairman of the National Development and Reform Commission will be representing China. Prime Minister Shahbaz Sharif issued these instructions prior to his forthcoming trip to China, where he intends to tackle challenges experienced by Chinese companies functioning in Pakistan.
Pakistan has decided to include the Diamer Bhasha Dam in CPEC for the second time in seven years. In November 2017, Pakistan withdrew its request to include the Diamer Bhasha Dam in CPEC. At that time, KWAPDA Chairman Muzamil Hussain stated that China had imposed some strict conditions regarding ownership of the project. This led to Pakistan withdrawing its request to include it in CPEC. Saudi Arabia was given a fine chance for investment, which required a primary investment of $1.02 billion with an additional $2.03 billion as a ten-year loan. The government faced a shortfall of $3.5 billion for the project and hoped for Saudi Arabia’s interest, however, did not receive any corresponding response. Prime Minister Shahbaz Sharif reiterated the instructions to utilize the Gwadar port for imports at an official level, but due to the lack of facilities, it remains quite underutilized!
