The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has announced to endorse the Pak-China agreement to set a new direction of the China-Pakistan Economic Corridor (CPEC) for future cooperation in high economic impact areas, especially the shifting of the Chinese manufacturing units to Pakistan.
Chairman BMP, Mian Anjum Nisar observed that the relocation of Chinese industry to Pakistan and providing Chinese financing facilities for future projects are the welcome steps and if we could put all energies and provide enabling environment, the newly-agreed framework has the potential to transform the country from low-income to a middle-income country in the next few years. He asked the government to focus only on those projects that had a high impact on Pakistan’s economy.
According to reports, the decisions to expand the CPEC scope were taken during the 9th Joint Cooperation Committee (JCC) meeting that was co-chaired by Pakistan and Chinese representatives.
Mian Anjum Nisar said the JCC meeting was fruitful and the agreed framework was promising as it had set a new direction for the CPEC.
He hoped that the second phase of CPEC would yield tangible progress towards a shared goal of making this project a resounding success.
The Chairman BMP stated that high consideration should be given to socio-economic and industrial cooperation in the second phase of CPEC. He underscored that bilateral economic cooperation should proceed as planned for the mutual benefit of both the brotherly countries.
The joint committee finalized and approved the financing modalities of ML- I, he said and proposed the authorities that the Karachi Circular Railways project should also be remained the priority of the government.