$45 bn accords to be inked as Chinese president arrives today

ISLAMABAD: Today’s visit of Chinese President Xi Jinping to Pakistan will prove to be historic as agreements worth $45 billion will be inked and the dignitary will also roll out development projects worth $28 billion under the China-Pakistan Economic Corridor (CPEC).
This was stated by Minister for Planning Development and Reforms Ahsan Iqbal here on Sunday while addressing a press conference along with Federal Minister for Information and Broadcasting Pervaiz Rashid.
Ahsan Iqbal said that the visiting president would inaugurate five mega projects under the CPEC adding that the government was determined to start all the projects on a priority basis and they would prove a game-changer for the whole region.
He said that the CPEC was a historic project of $45 billion which would link Gwadar Port with China by a network of highways, railways and pipelines. The route would be used as a primary gateway for trade between China and the Middle East, he added.
He said that Pak-China bilateral relations remained exemplary at all times and every Pakistani leader and political party considered China a strong pillar of its foreign policy.He said that during the last year, the prime ministers of both the countries had signed historic memoranda of understanding for the CPEC and they reiterated their resolve to double the speed for the swift completion of the project.
“The CPEC is not a name of any single road project but it is an important project under which work would be initiated on four sectors including infrastructure, development, energy generation and communication,” he added.
He said that it would be beneficial for the people around the globe as about 3 billion people in China, South Asia and Central Asia would benefit from this project.He said that about $37 billion would be spent on different energy generation projects to produce 16,400MW electricity adding that the amount was allocated for early harvest projects which would generate about 10,400MW electricity to overcome the energy shortfall in the country.
Ahsan Iqbal said that the investment in these projects would not be considered as a loan rather it would on investment mode and the sector was open for any other country for investment.
He said that energy generation projects from water, solar, hydel and wind would be started in all the provinces including Fata and Azad Kashmir which would help fulfill the energy demand of the country.
All the areas of the country would equally benefit from the CPEC project and all the leaders of political parties were also taken into confidence as they had assured of supporting the project, he added.The minister said the huge coal reserves in Thar would also be exploited to produce about 6,000MW of electricity which would help uplift this area and alleviate poverty.
He said that Gwadar Port was the second pillar of CPEC which would be upgraded and 14km expressway would be constructed besides construction of a modern airport for landing of big aircraft and it would become an international port city.
The third part of the project was the construction of highways and roads to connect the port city with different destinations and under the same project road from Khunjrab to Rai Kot was upgraded and the remaining portion would be completed within two years, he added.
Under CPEC, he said that both the countries would establish industrial zone and industrial cluster as the first zone would be constructed at Gwadar whereas a working group would be formulated for establishment of economic zones by taking all the provinces on board to provide them equal opportunity of development.
The minister said that all-out efforts were underway to make the country a destination of foreign direct investment to attract about $45 billion foreign investment to reduce the poverty in the country.
He said that CPEC would enhance economic activities in Balochistan to develop the province. The western route, he added, would be completed by 2016 which would connect Gwadar and Kashgar.
He said that the government would construct Katchi Canal to irrigate over 100,000 hectare of land and help agriculture development in these areas.He said that government had adopted zero tolerance policy for eliminating terrorism and extremism from the country and situation was improving as compared to 2013.
Ahsan Iqbal said that government was determined to end energy crisis from the country by 2018. It was also introducing the country as the fastest growing economies in the world and to become an Asian Tiger.
Replying to a question, the minister said that CPEC project would not only open a way for economic prosperity of Pakistan but it would be beneficial for the people around the globe.To another question he said that under CPEC $11 billion would be spent on infrastructure development which would also encourage other countries to invest in different sectors of the economy.
President Xi would be received by President Mamnoon Hussain and Prime Minister Nawaz Sharif on his arrival in Islamabad, officials said.The Chinese president will be given a 21-gun salute. Two children will give him a bouquet.
He will proceed to the Prime Minister’s House for meetings. President Xi and Prime Minister Nawaz Sharif will hold one-on-one meeting and later lead respective delegations.Officials will exchange MoUs and agreements. President Xi will unveil plaque of projects at the PM House. Officials will sign agreements and both leaders will witness the signing of agreements.
President Xi and PM will have a press conference but will not take questions.Services chiefs will call on the president in a group at the PM House. President Xi will later meet the Chinese Embassy staff, students and Chinese community.
There will be plantation of a sapling and the PM will host banquet. The first day engagements will conclude with a cultural show at the PM House.
On Tuesday the Chinese President will be receive by the National Assembly speaker and Senate chairman at the Parliament house.
President Xi will unveil a plaque to inaugurate the solar system China will gift for the Parliament building.
He will reach the Parliament House with PM Nawaz at around 9:40am. Opposition leader will deliver vote of thanks. The speech will end around 10:30am.
Mr Xi will then proceed to Presidency for meeting with President Mamnoon Hussain. After one-on-one meet, both the leaders will head delegation-level talks.
Mr Hussain will confer Pakistan’s highest civil award on Mr Xi. That will be followed by luncheon. Mr Xi will depart in the afternoon.