Islamabad: China and Pakistan on Friday (February 04) signed a framework agreement to establish a Joint Working Group (JWG) for the development of industry in the country, news sources reported. The framework will work under the flagship China Pakistan Economic Corridor (CPEC).
Reportedly, the agreement was signed during a four-day visit of Prime Minister (PM) Imran Khan to China for the inauguration ceremony of the Beijing Winter Olympics. It was highlighted that the JWG on Industrial Cooperation will work to attract foreign direct investment (FDI), promote industrialisation and economic zone development, and start, organise, implement, and monitor initiatives in both the public and private sectors. The agreement will focus on the development and promotion of industrialisation, development of more industrial zones and management and promotion of the labour market.
Moreover, it was reported that the present framework agreement has been drafted keeping in view the 2018 Memorandum of Understanding (MoU) between the two countries to form a consensus over the industrial policy development. After extensive consultations, the MoU was signed between the National Development & Reform Commission (NRDC) and the Chinese government.
The MoU was decided to be converted into an agreement after the launch of CPEC Phase-II in 2020, which is mainly concerned with the development of SEZs.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
