Home Latest News Phase II of CPEC Will Help Improve Pakistan’s Infrastructure: Asim Bajwa

Phase II of CPEC Will Help Improve Pakistan’s Infrastructure: Asim Bajwa

by Newsweek Pakistan

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CPEC Authority chairman urges foreign entrepreneurs to invest in Special Economic Zones to increase job opportunities in the country

The second phase of the China-Pakistan Economic Corridor (CPEC) will help improve the basic infrastructure of Pakistan, CPEC Authority Chairman Asim Saleem Bajwa said on Thursday, as he claimed that the coronavirus pandemic had not had any impact on the multi-billion dollar project.

Addressing a ceremony in Taxila to mark the signing of an agreement between the CPEC Authority and Chinese companies, he said the project’s Phase II had already started, adding that this would provide investment opportunities for foreigners in Special Economic Zones.

Bajwa invited foreign entrepreneurs to invest in the Special Economic Zones, adding this would enhance job opportunities in the country and help increase exports and decrease imports.

“CPEC reflects the brotherly relations between Pakistan and China that have spanned multiple governments,” said the former Army spokesman.

Bajwa said the agreement would boost foreign investment in the belt-and-road initiative, leading to regional prosperity. He said that the government planned to construct new railway tracks under Phase II, adding that existing tracks would be extended to improve the performance and service range of Pakistan Railways.

According to the CPEC Authority chairman, all projects under Phase I were being completed on fast-track basis, adding eight energy projects had already been completed while 9 others were at various levels of completion. Two more energy projects would be the part of Phase II, he added.

“Through this [CPEC], we are going to reduce the burden of loans and we are going for business-to-business cooperation. We are looking at direct foreign investment and individual entrepreneurs and investments that would partner with Pakistani companies,” he said.

Bajwa said cooperation between companies would visibly increase in the coming weeks, and vowed that the public would soon see a lot of activity under the CPEC banner.

The CPEC Authority chairman’s press interaction came a day after he rejected reports of work slowing down on the belt-and-road initiative. “Some detractors are giving false impression of CPEC being slowed. Not only has the pace of work on projects under CPEC picked up, but groundwork of CPEC Phase II has also started,” he said.

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