ISLAMABAD: On Thursday, Pakistan and China reached an agreement to carry out the $10 billion Mainline-1 (ML-1) railway project.The China-Pakistan Economic Corridor’s Joint Coordination Committee (JCC) also determined to engage in business-to-business transactions (CPEC).
Pakistan will also ask for the rescheduling of its $27 billion debt as well as the rollover of deposits.During the discussion, Pakistan gave China the assurance that it will take many steps to ensure the security of Chinese workers on CPEC projects.
Both parties have agreed to increase their information technology cooperation, and it has been determined that Chinese companies would open research facilities in Pakistan to look into potential new directions for this industry.
The 11th JCC meeting between Pakistan and China was conducted remotely, however neither side was able to sign the minutes. It was anticipated that the meeting’s minutes would be signed during the impending trip to China by Prime Minister Shehbaz Sharif and a powerful entourage on November 1, 2022.
Both parties during the CPEC meeting in Islamabad expressed their satisfaction with the ongoing CPEC projects, and a number of additional projects were also suggested.Planning Minister Ahsan Iqbal and Vice Chairman Lin Nianxiu of the National Development and Reform Commission (NDRC) of China jointly presided over the meeting.
The minister stated in his welcome address that CPEC has become the top national priority under the leadership of PM Shehbaz. In order to move closer to the target of 1,7000 MWs, it was also disclosed to the meeting that another 3,100 MW, which has reached the 90% FC milestone (700 MW Azad Pattan HPP, 1,124 MW Kohala Hydel Project, and 1,320 MW Thar Coal Block-I), will be finalised as soon as possible.
The 888 km worth of highway and motorway projects that would be built using both Chinese and domestic funding were also emphasised (another 853km under construction through local financing).
