Islamabad: Pakistan and China have agreed to start the multi-billion Main Line (ML-1) project and other mega projects under China-Pakistan-Economic-Corridor (CPEC), according to news published on October 28.
The Joint Cooperation Committee (JCC) of CPEC held its 11th meeting in Islamabad through a video conference. The meeting was co-chaired by Federal Minister for Planning Development Ahsan Iqbal and Vice Chairman of China’s National Development & Reform Commission (NDRC) Lin Nianxiu. It was announced that Prime Minister (PM) Shehbaz Sharif will formally sign all the important Memorandums of Understanding (MoUs) during the upcoming visit to China.
During the meeting, both countries agreed to explore new avenues in the mining sector and decided to establish a working group. Pakistan has asked China to create a credit line or a financing window for Chinese firms to invest in the 10,000 MW solar energy project. The meeting discussed cooperation in the agriculture sector as well, which is a vital component of the second phase of CPEC.
Moreover, the meeting discussed the Karachi Circular Railway (KCR) which will benefit the people of Karachi. The said project will be executed under a government-to-government arrangement like Orange Line Metro Train project.
The news source mentioned that Pakistan has proposed new projects on which agreements will be completed soon. These projects included strengthening digital investment in the economy, post-disaster reconstruction, global development initiatives, an agreement between geological survey intuitions of the two countries, arrangements of Special Economic Zones (SEZs), and cooperation to develop the export potential of Pakistan.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
