CPEC's next phase to boost country's exports: Khusro Bakhtiar

ISLAMABAD: Planning minister Khusro Bakhtiar on Monday said that under China Pakistan Economic Corridor’s (CPEC) next phase, the industrial base of the country would be expanded which would help in increasing the country’s exports.

Addressing the 3rd annual two-day conference on CPEC Consortium of Universities in Islamabad, he said the Chinese government is investing one billion dollars in the socio-economic sector in two years including cooperation in higher education.

The minister said that China has a total trade volume worth $4000 billion with the world; however, Pakistan has only $ 80 billion of trade with the global market.

The Chinese government has offered 20000 scholarships for Pakistani students to avail chances of higher education besides financing to build 1000 small schools in different areas of the country, he said.

“We have broadened the cooperation through CPEC, in areas of Socio-Economic Development, agriculture, industries, infrastructure, energy and people to people contact through the universities for enhancing the multilateral relations between the two countries,” added Bakhtiar.

He said that after the fourth industrial revolution, the concept of the knowledge economy has been enhanced for working on the new innovative concept of the industrial sector, adding that hi-tech was priority of the government to introduce innovative concepts.

Khusro said the government wanted to add new sectors including iron, mines and minerals, oil and gas sector, copper, pipeline, textiles and automobile sector to exploit the potential of trade through CPEC.

He said $9 billion projects were also approved for the railway line from Peshawar to Karachi for providing better transport facilities to the people.

The planning minister said that the government has taken several important decisions that paved the way for finalization of the Gwadar Master Plan and the preliminary design of ML-1 project, operationalization of Gwadar Port and free zone.

“2019 is a significant year for China Pakistan Economic Corridor as several significant milestones were achieved or would be achieved by the end of the year,” he added.

While addressing the conference, Ambassador of China to Pakistan, Yao Jing said that Universities Consortium on CPEC would play vital role for the completion of this mega project, adding that 9th JCC of CPEC was held in Islamabad.

He said that CPEC provides a platform for cooperation to connect the society, institution and people of both sides.