PM Shehbaz Sharif signs 23 MoUs and projects to upgrade CPEC projects
Thursday, June 06, 2024
News Desk
After successful completion of CPEC phase-1 projects, Pakistan has finally entered into CPEC Phase-2 with the visit of Prime Minister of Pakistan to China.
Prime Minister Mian Shehbaz Sharif who has been on the China’s official visit has signed 23 MoUs for upgradation of CPEC in Pakistan and subsequent projects of CPEC-Phase 2 in Pakistan.
Under CPEC phase-1, which formally launched in Pakistan in 2014 has completed 95 projects of road infrastructure, energy and communication in different parts of Pakistan with a total cost of $65 billion. Out of 21 energy projects, 14 projects have been completed in Pakistan. And a total of 8500MW of energy has been added into national grid.
Amidst prevailing scenario and economic crunch in the country, China’s visit of Prime Minister Shehbaz Sharif is of core importance as Pakistan is going to enter into phase-2 of CPEC. And under this initiative, projects of human development and investments in Pakistan will be made to steer Pakistan from economic crisis towards social stability.
Under CPEC Phase-2, Business to Business and people to people coordination will be made between the entrepreneurs of Pakistan and China and industries will be established in Pakistan and Special economic zones of Pakistan with the assistance of Chinese entrepreneurs.
On the other side, the loans that Pakistan has to pay to China will also be deferred on easy terms for Pakistan to make breathing space for Pakistan.
Under CPEC Phase-2, Pakistan is also going to sign agriculture projects with China and corporate farming in Thar areas is also being made under phase two of CPEC. Chinese technologies will be utilized to boost agriculture production of Pakistan.
In this entire scenario, it is being anticipated that phase two of CPEC will bring economic revolution in Pakistan.
