Second Phase of CPEC Begins with the Establishment of New Economic Zones – Research Snipers

Second Phase of CPEC Begins with the Establishment of New Economic Zones

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China Pakistan Economic Corridor is a mega-development project between Pakistan and China.  China’s acting ambassador to Pakistan Zhao Lijian confirmed that the first phase of CPEC has been successfully completed. As soon as the new government will be announced the second phase of the project will start. In the second phase, new economic zones will be developed. Zhao said that Pakistan actively participated in the SCO’s summit which was recently held. In the bilateral meeting that was held between Pakistan’s President Mamnoon Hussain and Chinese President Xi Jinping in Qingdao, it was agreed that both the countries will maintain the speedy development momentum. Chinese President emphasized that China wants to work with Pakistan to resolve the economic, social, and development issues faced by the country. Through Belt and Road initiative and China-Pakistan Economic Corridor (CPEC), China is committed for further development & progress in the region.

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He was also hopeful that in the future the media partnership between Pakistan & China will grow. He gave utmost assurance that the Chinese embassy will fully cooperate with the Pakistani media and promote a positive image of the country, worldwide.

CPEC Second Phase

Special economic zones including “Rashakai in Khyber Pakhtunkhwa (KP), Dhabeji in Sindh, Bostan in Balochistan, Allama Iqbal Industrial City in Faisalabad, Punjab, ICT in Islamabad, SEZ Mirpur in Azad Jammu and Kashmir (AJK), Mohmand Marble City, and Moqpondass SEZ in Gilgit-Baltistan,” will be established.

Special economic zones will have a segment focusing on the production of intermediate goods which are currently imported. It will allow Pakistan to locally produce the goods instead of importing them. Also, intensive labor training will be arranged with China’s help at SEZs. In order for the business to flourish training of the locals will be essential. Gaining knowledge & refining the skills will be of utmost importance in ensuring that CPEC second phase is a success.