Pakistan and China have officially launched the ambitious CPEC second phase, reinforcing their strategic partnership with the signing of 21 memorandums of understanding (MoUs). This significant advancement occurred during Prime Minister Shehbaz Sharif’s “most productive” meeting with Chinese Premier Li Qiang in Beijing.
A New Chapter in Strategic Cooperation
The leaders reaffirmed their shared resolve to upgrade the China-Pakistan Economic Corridor. Consequently, they will focus on the project’s next stage, often termed CPEC 2.0. This phase introduces five new corridors for development, expanding beyond infrastructure into new economic domains.
Moreover, both parties attended a ceremony for the signed MoUs. These agreements cover fields critical to the CPEC second phase, including science and technology, information technology, media, and agriculture. This signing marks a concrete step towards deepening industrial cooperation.
Pillars of the CPEC Second Phase
The updated framework prioritizes several key sectors for mutual growth. Specifically, the governments identified agriculture, mines and minerals, textiles, and industrial sectors as primary areas for collaboration.
Furthermore, Premier Li Qiang emphasized China’s view of Pakistan as an “ironclad brother.” This sentiment underscores the unwavering political support for the corridor’s development. The Chinese leadership admires Pakistan’s economic reform agenda and expresses a firm resolve to elevate bilateral relations.
Economic Reforms and Security Assurances
Prime Minister Shehbaz Sharif provided assurances to Chinese investors, terming their security as “paramount.” He invited Chinese companies to enhance their investment footprint, particularly by relocating industries to Pakistan’s Special Economic Zones.
Additionally, he highlighted Pakistan’s unique advantages for investment. These include a large pool of skilled labor, competitive costs, and strategic connectivity to global markets. The government’s reform efforts are already yielding promising macroeconomic results, bolstered by strong Chinese support.
Looking Towards a Shared Future
The partnership is set against the backdrop of celebrating 75 years of diplomatic ties next year. The Joint Action Plan 2024-2029 was deemed a crucial step in strengthening this all-weather partnership.
For further details on the Belt and Road Initiative, which CPEC is a part of, you can read this authoritative report from the World Bank.
This meeting solidifies the future trajectory of Pak-China relations. The successful implementation of the CPEC second phase is poised to significantly impact regional economic development and bilateral trade for years to come.
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