BEIJING – Board of Investment Chairman Muhammad Azfar Ahsan and China’s National Development and Reforms Commission head He Li Feng have signed the framework on industrial cooperation under the China Pakistan Economic Corridor (CPEC).
The signing ceremony was witnessed by Prime Minister Imran Khan who is in China on a four-day official visit.
As CPEC entered the second phase primarily focusing on Special Economic Zones (SEZs) development, industrialization, foreign investment and stronger B2B ties, with special emphasis on industrial relocation from China, a comprehensive Framework Agreement became imperative, said BOI in a statement.
The framework was among the top agendas proposed by Chinese government for PM Imran Khan’s visit.
The PMU of BOI, specifically established to spearhead CPEC Industrial Cooperation, held negotiations with the Chinese side since 2020 and consensus on draft agreement was reached shortly before the premier’s visit.
“The agreement is a landmark achievement, a quantum leap for CPEC and contains affirmations between the parties in terms of rapid industrialization through the SEZs, enhanced FDI through relocation of Chinese industries, effective B2B ties through JVs, export-led growth etc,” read the statement.
The BOI leadership, including Chairman, Azfar Ahsan, and Secretary Fareena Mazhar have expressed their contentment over this milestone event and strongly believe that tangible outcomes will be achieved in the future under the ambit of CPEC Industrial Cooperation.
