Pakistan and China signed a memorandum of understanding (MoU) for industrial cooperation at the 8th meeting of the Joint Cooperation Committee (JCC) on China-Pakistan Economic Corridor (CPEC) held on Thursday.
The memorandum was signed by Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar and Vice Chairman of the National Development and Reform Commission of China, Ning Jizhe who also co-chaired the JCC meeting.
The Federal Minister for Planning, Makhdoom Khusro Bakhtiar reiterated Pakistan’s firm commitment to China Pakistan Economic Corridor (CPEC) which he termed as the heart and soul of Pakistan-China economic cooperation.
He made these remarks at the 8th meeting of the CPEC JCC which he co-chaired with Chinese Vice Chairman of NDRC Ning Jizhe.
According to a press release, the highlights of the JCC included conclusion of a MoU on Industrial Cooperation and establishing a cooperation framework on socioeconomic development.
They expressed satisfaction over the progress achieved on projects relating to the energy cooperation and transport infrastructure while emphasizing on the need to speed up the work on projects concerning Gwadar and industrial cooperation.
The two sides also discussed ways and means to implement the bilateral economic cooperation and further deepen the all weather strategic partnership of the two countries.
Appreciating the progress made in CPEC, the Makhdoom Khusro Bakhtiar said the stage was now set to take the corridor to the next level wherein the cooperation could be diversified to more trade and industrial cooperation, socioeconomic development, agriculture, people-to-people interaction and knowledge sharing under the clear vision set by our leadership.
He said cooperation in the industrial sector would help attract investment in special economic zones and encourage relocation of Chinese industry. Both sides agreed to cooperate to develop Special Economic Zones in a speedy manner.
The two sides discussed promoting joint ventures and industrial relocation from China to harness Pakistan’s export potential.
In his remarks, NDRC Vice Chairman Ning Jizhe said the CPEC served the fundamental interests of two countries and their people. Calling the visit of Prime Minister Imran Khan to China as “phenomenal success”, he expressed confidence that the Pakistan-China relationship would continue to grow and prosper.