Latest news with #CPEC2.0
Business Recorder
4 days ago
- Business
- Business Recorder
East-West Economic Corridor: Formal launch of landmark research report
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal has emphasised the critical need for greater regional connectivity and economic cooperation between South and Central Asia. He was addressing a high-level gathering of diplomats, experts, and development partners at the formal launch of a landmark research report examining the feasibility of an East-West Economic Corridor connecting South Asia and Central Asia on Tuesday. The event was graced by the Ambassador of Kazakhstan, Yerzhan Kistafin, along with other distinguished dignitaries, and marked a pivotal moment in shaping the vision for greater economic collaboration in the region. The report, jointly developed by RAND Corporation with the support of the Junaid Family Foundation and the RAND Center for Asia Pacific Policy Advisory Board, offers key insights into the prospects of a trans-regional economic corridor at a time when the global economic order is undergoing major realignment. Minister Iqbal stated that South and Central Asia have historically shared civilisational, cultural, and commercial ties. He highlighted that even as political borders have hardened, the logic of economic geography persists. He stressed the urgent need for regional integration, particularly for landlocked Central Asian countries seeking access to global markets—a goal Pakistan is well-positioned to support through its ports in Gwadar and Karachi. Underscoring Pakistan's strategic location at the crossroads of South Asia, China, and Central Asia, the minister said, 'Our country lies at the heart of a 3-billion population region, offering tremendous opportunity for trade and commerce.' He emphasised that regional connectivity is not just a slogan but a strategic imperative under Pakistan's national development vision. Referencing the government's 5Es Framework, with a strong focus on Energy and Infrastructure, he explained that Pakistan is promoting multimodal regional connectivity and is making sustained investments in rail, road, and port infrastructure. 'We are actively working to operationalize CPEC 2.0 and Central Asia Regional Economic Cooperation (CAREC) corridors, aimed westward through Pakistan to Central Asia,' he added. Minister Iqbal outlined Pakistan's tangible steps, including: Upgrading Gwadar Port; Expanding the ML-1 railway; Digitising customs and border crossings; Developing Special Economic Zones (SEZs), and Expanding power transmission capacity. He reaffirmed that these projects are backed by substantial allocations under the Public Sector Development Programme (PSDP), with the largest share of funding dedicated to infrastructure, logistics, and energy. 'Our commitment is visible through ongoing projects that aim to make connectivity both feasible and functional,' he stated. The planning minister emphasised that connectivity cannot thrive in an environment of coercion, occupation, and hegemonic ambition, and stressed that regional peace is the first prerequisite for regional trade. 'The idea of an East-West Economic Corridor connecting Central Asia, Afghanistan, Iran, Pakistan, and India is not new, but it must evolve from aspiration to actionable policy backed by political will and mutual trust,' he said. Concluding his address, Minister Iqbal reiterated Pakistan's firm commitment to a foreign policy anchored in geo-economics, saying: 'Pakistan stands for peaceful coexistence, regional integration, and mutually beneficial cooperation. Our national development model, Uraan Pakistan, places connectivity, trade, and sustainable growth at the heart of our strategy.' He acknowledged the immense potential of regional corridors, especially a land-based East-West corridor, to unlock economic prosperity and access to global markets for all partner countries. Copyright Business Recorder, 2025
Express Tribune
5 days ago
- Business
- Express Tribune
CPEC key to unlocking vast mining sector potential
Pakistan's Embassy Deputy Head of Mission in Beijing Bilal Mahmood Chaudhary has emphasised the transformative role of mining cooperation under the China-Pakistan Economic Corridor (CPEC) during his keynote address at the 4th Asia Mining Innovation and Development Summit in Beijing. Chaudhary underscored Pakistan's vast mineral wealth, including 186 billion tons of coal reserves, over 5 million tons of copper and 400 tons of gold at the Reko Diq mine, alongside 500 million tons of iron ore. "These resources position Pakistan as a pivotal player in regional industrial growth, particularly under CPEC 2.0, which prioritises value addition and downstream processing," he stated at the event on Sunday. Highlighting the alignment of China's advanced mining technologies with Pakistan's resource base, he noted that CPEC's upgraded phase aims to foster "mutually beneficial partnerships" in line with the Belt and Road Initiative (BRI). The deputy head referenced recent milestones, including the $2.3 billion railway project linking mining hubs with Gwadar Port - a CPEC phase-II initiative set to expand the port's capacity to 2 million tons annually by 2030. He also cited flagship projects like the Saindak Copper-Gold Mine, operated by China's MCC Group, and the Duddar Lead-Zinc Mine in Balochistan, which achieved a peak output of 500,000 tons in 2019 under China Huaye Group. These ventures, he said, exemplify "win-win collaboration" through job creation and technology transfer. To streamline investments, Chaudhary outlined Pakistan's policy reforms, including the National Minerals Harmonisation Framework 2025, which offers tax incentives and expedited licensing under the Special Investment Facilitation Council (SIFC). "Our goal is to transform mineral wealth into industrial growth and human development," he asserted. National Bank of Pakistan (NBP) Vice President Shaikh Muhammad Shariq, while sharing his sentiments, stressed the financial sector's commitment to supporting mining ventures. "CPEC-driven projects are unlocking new avenues for sustainable financing, ensuring that infrastructure and energy initiatives align with long-term economic resilience," he said. The summit concluded with a call for deeper Sino-Pakistan collaboration, building on President Asif Ali Zardari's February 2025 visit to China, which reaffirmed mining as a strategic priority. Bilal Chaudhary remarked, "Our iron-clad friendship will shine brighter through innovation and shared prosperity."
Express Tribune
20-05-2025
- Business
- Express Tribune
China backs Pakistan in defending sovereignty
China's Director of the Office of the Central Foreign Affairs Commission Wang Yi attends during a trilateral meeting PHOTO:REUTER China said on Tuesday it supports Pakistan in defending "national sovereignty and territorial integrity", after a ceasefire ended four days of fighting with India over a deadly attack in held Kashmir. Chinese Foreign Minister Wang Yi said China welcomed the two countries "handling differences through dialogue" as he met his Pakistani counterpart Ishaq Dar in Beijing. Dar's visit comes after India and Pakistan exchanged tit-for-tat drone, missile and artillery fire following the April 22 attack in the Pahalgam area of the Indian Illegally Occupied Jammu and Kashmir (IIOJK). New Delhi instantly blamed Islamabad for the attack in which 26 tourists were killed. Pakistan denied the charge and stated that it was ready to cooperate in an independent investigation that it proposed, might be undertaken by other countries. However, India on May 6 launched missile strikes inside Pakistan, an attack followed by drone strikes. It later also targeted some air bases in Pakistan. Pakistan on May 10 retaliated to the attacks and on the same day US President Donald Trump announced a surprise truce. This truce appears to be holding over more than a week later. Ishaq Dar on Tuesday held in-depth consultations with Wang Yi. FM Dar and the Chinese foreign minister hailed All-Weather Strategic Cooperative Partnership and ironclad friendship between Pakistan and China during the meeting, a news release said. During the meeting both the leaders expressed satisfaction at the commonality of views on all issues of mutual interest and expressed their firm resolve to continue bilateral cooperation for regional peace, development and stability. Moreover, amid the meeting both sides exchanged views on the evolving situation in South Asia, future trajectory of Pakistan-China friendship, and CPEC 2.0. China is Pakistan's largest arms supplier and Dar confirmed that Islamabad used Chinese jets against India.
Express Tribune
06-02-2025
- Business
- Express Tribune
President Zardari, Chinese Premier Li Qiang discuss CPEC 2.0
Listen to article President Asif Ali Zardari on Thursday held a meeting with China's Premier Li Qiang in Beijing to discuss the enduring and deep-rooted "All-Weather Strategic Cooperative Partnership" between the two countries. The meeting, held at the Great Hall of the People, reinforced the commitment of both leaders to strengthen bilateral ties, Express News reported. In a joint statement, both leaders acknowledged the historical friendship between Pakistan and China, which has been consistently fortified through successive generations. President Zardari reiterated Pakistan's resolve to further enhance the relationship, with a focus on regional connectivity and economic growth. 'The China-Pakistan Economic Corridor (CPEC) has played a pivotal role in fostering regional ties and promoting economic development,' said President Zardari, underlining the strategic importance of the initiative for both nations. The leaders also discussed the expansion of cooperation under CPEC 2.0, particularly in areas like renewable energy, science and technology, infrastructure, and agriculture. 'China's continued support for Pakistan's developmental agenda is crucial, and we are committed to deepening our collaboration in these key sectors,' President Zardari stated. Both sides also addressed the potential for increased trade and economic cooperation through business-to-business and private sector engagements. They agreed to foster greater people-to-people and cultural exchanges to further solidify the bilateral relationship. As part of the ongoing collaboration, several memorandums of understanding (MoUs) were signed between Pakistan and China during the visit. The MoUs include agreements between Pakistan's Thatta Cement Company and China's Ching Gang Construction Group, aimed at increasing cement production in Pakistan by an additional 5,000 tonnes per day. An MoU was also signed between the Sindh Energy Department and China's Meng Yang Renewable Energy Company to explore joint renewable energy projects in Pakistan. Furthermore, a coal gasification and urea production plant project between the Government of Sindh and a Chinese company was also formalised. The signing ceremony was attended by key Pakistani officials, including Deputy Prime Minister and Foreign Minister Ishaq Dar, as well as Sindh Chief Minister Murad Ali Shah.
Express Tribune
06-02-2025
- Business
- Express Tribune
Zardari, Xi vow to maintain positive trajectory in ties
BEIJING: President Asif Ali Zardari on Wednesday met with his Chinese counterpart Xi Jinping wherein the two sides discussed the positive trajectory of the bilateral relationship, high-quality development of CPEC 2.0, and the significance of people-to-people linkages and cultural exchanges. In the meeting held at the Great Hall of the People during the five-day official visit of President Zardari to China, the two leaders also discussed regional and international issues of common interest, and opportunities to even further expand the scope of bilateral partnership, especially through continued high-level exchanges. They highlighted the vital role of CPEC 2.0 in promoting regional connectivity, shared benefits and common prosperity, including through partnerships with other countries. Both sides also underlined the significance of people-to-people linkages and cultural exchanges for strengthening the China-Pakistan Community of Shared Future in the New Era. Underlining the enduring friendship between the two countries, both leaders also reaffirmed support for each other on the issues of core interest. President Zardari reaffirmed Pakistan's steadfast commitment to its all-weather strategic cooperative Partnership with China and underlined the unique, time-tested and special relationship between the two countries. He also commended China's exemplary development, progress and prosperity, calling it a manifestation of the vision of the Chinese leadership and the dynamism of the Chinese people. President Zardari also paid rich tribute to President Xi Jinping for China's profound contributions to global development under the Belt & Road Initiative (BRI). He termed China Pakistan Economic Corridor (CPEC) as a shining model of the BRI's visionary concept of win-win cooperation. President Zardari extended the invitation to President Xi to visit Pakistan, emphasising that the people and government of Pakistan hold him in high esteem as a visionary leader and as a special friend of Pakistan. The meeting was followed by an MoU signing ceremony where the two leaders witnessed the signing of MoUs to enhance cooperation in the fields of science & technology, media, clean energy and socio-economic development, among others. Earlier, President Asif Ali Zardari was warmly welcomed by President Xi and presented with the guard of honour upon his arrival. A group of children also extended a warm welcome and offered a heartfelt reception to the President. After the ceremony, President Xi Jinping hosted a state banquet in honour of President Asif Ali Zardari and his accompanying delegation. Meeting with Leji President Asif Ali Zardari and Chairman of the Standing Committee of National People's Congress, Zhao Leji on Wednesday underscored the time-tested and all-weather friendship between the two countries, which continued to grow in depth and scope over the decades. The president met with Chairman of the Standing Committee of the National People's Congress of the People's Republic of China, Zhao Leji, President Secretariat Press Wing said in a press release. They also underlined strategic mutual trust as the cornerstone of the China-Pakistan relationship and emphasized the importance of continued high-level exchanges to further deepen the ongoing practical cooperation. The two sides also discussed the high-quality development of CPEC 2.0, with a particular emphasis on promoting cooperation in science & technology, renewable energy, infrastructure and agriculture sectors. They described CPEC as a shining example of people-centric development, with its focus on win-win cooperation, shared benefits and common prosperity. The two sides discussed the opportunities to strengthen institutional linkages, including through parliamentary exchanges and participation in the CPEC Political Parties Joint Consultative Mechanism, to further solidify the bilateral cooperation.
