CPEC to Remain a $50 Billion Project

China-Pakistan Economic Corridor (CPEC) is to remain a $50 billion project for now. Both China and Pakistan have agreed to work on the already approved projects with the aim to reach the financial close of $1.7 billion transmission line project.

Read also: CPEC to Assist Pakistan in Attaining Poverty Alleviation Targets

On December 20th in Beijing, a meeting of the Joint Cooperation Committee (JCC) of the China Pakistan Economic Corridor will take place. The deadlock will remain on the Pakistan Railways mainline-I project worth $8.2 billion rather than Lahore-Matiari transmission line project that has the chance to reach the next stage.

The agenda for the 8th JCC meeting, Pakistani delegation composition, a fixed date of the meeting i.e. December 20th  was approved by the highest decision-making body of CPEC. This is as per a Planning Ministry handout.

The meeting was chaired by the Federal Minister for Planning and Development Khusro Bakhtiar. The progress on the Pakistan-China industrial cooperation was reviewed by thecommittee. It was decided that more focus is needed to promote this industry.Thus the cabinet agreed to sign the industrial cooperation framework with China.The goal was to encourage the Chinese investors to relocate their businesses.

The committee reviewed progress on and called for a special focus on the promotion of this sector. The cabinet body gave the nod to signing of and to encourage Chinese investors torelocate their industries.

Also the authorities were instructed to finalize the schedule for the Rashakai Economic Zone initiation by removing all hurdles.