Chinese Vice Premier He Lifeng will arrive in Pakistan today on a three-day visit to attend a ceremony planned to mark 10 years of the China-Pakistan Economic Corridor (CPEC) project, ARY News reported quoting Foreign Office (FO).
A statement issued by the FO said that the Chinese vice premier will be in Pakistan from July 30 (today) to August 1 (Tuesday) at the federal government’s invitation to attend a ceremony celebrating a decade of CPEC as the chief guest.
The Chinese vice premier will also meet with Prime Minister Shehbaz Sharif and President Arif Alvi during the visit, according to the FO.
Lifeng has played a prominent role in China’s international economic relations and implementation of the Belt and Road Initiative, of which CPEC is a flagship project, the FO said.
As the chairman of the National Development and Reform Commission (2017-23), he was instrumental in the planning and execution of multiple CPEC projects in Pakistan, as per the FO.
“The visit is part of regular high-level exchanges and dialogue between Pakistan and China. It reflects the importance attached by Pakistan and China to further deepen their “All-Weather Strategic Cooperative Partnership”; reaffirm support on issues of each other’s core interests; enhance economic and financial cooperation; advance high-quality development of CPEC; and explore new avenues for strengthening trade and investment ties between the two countries,” the spokesperson further added.
What is CPEC?
CPEC, initiated in 2013, encompasses an extensive array of infrastructure and development projects in Pakistan. The primary goal of this ambitious initiative is to rapidly modernize the country’s transportation networks, establish numerous energy projects, and create special economic zones to bolster its economy. The crucial agreement for these projects’ inclusion under CPEC was signed in 2013, with term sheets finalized during President Xi Jinping’s visit to Pakistan in 2015.
In November 2016, CPEC achieved partial operation as Chinese cargo was transported overland to Gwadar port for further shipment to Africa and West Asia via maritime routes.
Since then, Pakistan has received $25.4 billion in direct Chinese investment, which has been allocated to various transport, energy, and infrastructure schemes under the flagship connectivity and investment corridor project, a significant component of Beijing’s broader Belt and Road Initiative.
from ARY NEWS https://ift.tt/glx9D81
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