Pakistan formally launches Second phase of CPEC with ‘Big Bang’

By Our Staff Reporter

ISLAMABAD: Pakistan formally launched second phase of CPEC worth multi-billion US dollars, on Thursday, June 18, 2020.
A simple ceremony got held in ancient city of Taxila city to mark launching of second phase of CPEC.

Addressing the ceremony, Chairman China-Pakistan Economic Corridor (CPEC) Authority Lt General (retd) Asim Saleem Bajwa said Phase-II of the mega project will provide even more investment opportunities for foreign investors.

Addressing an agreement signing ceremony between CPEC Authority and Chines companies in Taxila on Thursday, he said the second phase of CPEC will help revamp the basic infrastructure of the country.

“The agreement will boost foreign investment in the mega project leading to prosperity in the region,” he said, adding that under phase-II, new Railway tracks will be constructed and existing tracks will be extended, which will further improve performance of Pakistan Railways.

Speaking about the current projects, the SAPM said all projects under Phase-I were being completed on a fast track basis. “Eight energy projects have been completed while nine projects are under completion,” he said. “Projects worth Rs12.5billion have been completed under Phase-I of CPEC, while those costing around Rs14 billion are underway.”

He added that CPEC has now become a reality. “Through this, we are going to reduce the burden of loans and we are going for business to business cooperation and are looking at direct foreign investment. We are looking at individual entrepreneurs and investments, who will partner with Pakistani companies,” the SAPM added.

He added in the coming days, cooperation between companies will increase and that the public will get to see a lot of activity under the banner of CPEC.
A day earlier on Wednesday Pakistan dispelled the “false impression” that the multi-billion-USD China-Pakistan Economic Corridor (CPEC) is being slowed down.

“Some detractors giving the false impression of CPEC being slowed. Not only pace of work on projects picked up recently, a great deal ground work also done to launch phase-2,” Chairman of the CPEC Authority in Pakistan Asim Saleem Bajwa said on Twitter.

Bajwa, who is also the special assistant to the prime minister on information and broadcasting, said that the scope of CPEC has actually been enhanced as work on hydropower projects, special economic zones (SEZs) and agriculture is also being done.

The Pakistan Economic Survey 2019-20, the country’s annual economic survey, has said that nine SEZs will be established under the CPEC portfolio, which will create tremendous job opportunities and technological transformation.

Work on CPEC projects, with the help of China, is in full swing, said the economic survey.

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