BEIJING, Apr 25 (APP):Federal Minister for Planning, Development and Reform Mukhdoom Khusro Bakhtiar has said that China-Pakistan Economic Corridor (CPEC) is now entering into second phase with focus on industrial Cooperation, trade, agriculture and socio-economic development.
He said that increase in trade, investment and financial flows would bring peace and prosperity to the region through enhanced competition reducing regional disparities and social inequality.
Minister for Planning expressed these views while addressing the thematic session on Connectivity of Policy of 2nd Belt & Road Forum for International Cooperation here on Thursday.
Ministers and dignitaries from various countries, Secretary Planning Zafar Hasan and Project Director Hassan Daud were also present in the session.
Khusro Bakhtiar said that currently 22 projects were undergoing fast implementation, higher in pace in comparison with any other corridor of the BRI initiative, making CPEC the central corridor of the initiative.
The Minister stated that President Xi Jingping’s Belt & Road Initiative reflects the far-sighted economic vision which is opening gateways of cooperation among the countries along the route.
Connectivity, at the heart of Belt & Road, is primarily about linking regions to the world through economic belts to facilitate people to people interaction.
Khusro Bakhtiar said that Pakistan under the vision of Prime Minister Imran Khan is actively engaged in the Initiative and its flagship project, CPEC, is progressing in the right direction.
He said that Belt and Road Initiative will ultimately change the way economic centers of partner countries are connected. Costs of productivity, transport and logistics as well as competition and market opportunities will be impacted.
He said that the partner countries will find more opportunities to add value and carry out intermediate trade in a more time-efficient and cost effective manner.
The Minister said that through Belt and Road forum participating states should promote intergovernmental cooperation, build intergovernmental mechanisms based on shared interests, trust and consensus.