BEIJING: The United Energy Group of China and Pakistan Refinery Limited on Wednesday signed a Memorandum of Understanding (MoU) for an investment of $1.5 billion in the petroleum sector.
Caretaker Prime Minister Anwaar-ul-Haq Kakar and Federal Energy Minister Muhammad Ali also witnessed the ceremony.
The MoU will help increase the petrol production capacity of the refinery from 250,000 metric tons to 1.6 million metric tons and high-speed diesel from 0.6 million metric tons to 2 million metric tons.
The petrol and high-speed diesel, processed at the refinery, would prove to be an alternative to the costly imported fuel.
According to Pakistan’s Planning Ministry’s announcement, the investment is likely to create jobs and boost the Pakistani economy.
Addressing, the high-level event of the Third Belt and Road Forum (BRF) on ‘Connectivity in an Open Global Economy’, the caretaker prime minister said Pakistan was committed to working with China and other regional partners in achieving the ideals of an open global economy and promoting connectivity on a trans-continental scale. “With shared responsibility and by embracing the vision of working together, we can create a brighter, peaceful, and sustainable future for ourselves and for our generations,” he said.
The two-day forum, which marked the 10 years of the multi-billion dollar cross-regional Belt and Road Initiative, kicked off in Beijing with representatives from 140 countries in attendance.
Kakar said Pakistan endorsed China’s vision of global connectivity and also looked forward to joining hands with other partners across borders and regions to materialise the projects. “I am hopeful that together we can shape a world with the bonds that unite us together, rather than the forces that divide us,” he said.
The interim prime minister congratulated President Xi Jinping for his revolutionary idea of the Belt and Road Initiative (BRI) launched 10 years ago, which proved instrumental in bringing common development and shared prosperity. He termed enhanced connectivity a profound factor in development and progress in the modern age of globalisation. “The BRI’s concept of shared future for mankind is not about road and railway infrastructure, but also to create linkages among civilisations and nations,” he said. He mentioned that the world faced a number of challenges, including post-pandemic effects, divide between the developed and the impoverished, peace, and food security.
Kakar highlighted that BRI’s flagship project the China Pakistan Economic Corridor (CPEC) played a crucial role in generating new economic opportunities in Pakistan. Underscoring its salience for Pakistan’s robust economic development, he endorsed the Chinese proposal for developing CPEC as a corridor of growth, innovation, livelihood, green economy, openness and inclusiveness.
The caretaker PM underlined the need for a united global response to address complex transnational challenges faced by humankind and to prevent backsliding on the gains achieved under the UN Sustainable Development Goals and 2030 Agenda. He emphasised the urgency of addressing infrastructure gaps in the developing world by investing in transportation, energy and the digital economy.
In Pakistan, he said CPEC’s 50 projects worth $25 billion investment resulted in the creation of modern highways, seaports, airports, and rapid mass transit systems. He said the Government of Pakistan had taken steps to make the country a trade hub by connecting Gwadar with the landlocked countries, thus opening new vistas to the West and beyond.
Kakar expressed confidence that as the CPEC crossed its decade of launch, the next phase would be poised to accommodate rural farmers, students, and small tradesmen and ensure improvement in living standards, poverty alleviation and job creation. He said Pakistan’s collaboration with China in the information technology sector and CPEC’s green corridor would ensure modernisation, food security and agricultural and environmental protection.
“This vision promotes cooperation, collective security, inclusive and sustainable development and a balanced eco-system as the only way to address global challenges,” he said.
The BRF was opened by Chinese President Xi Jinping Wednesday morning where he highlighted the concept of working with all participants to draw a new blueprint for high-quality Belt and Road cooperation. Xi said China looks forward to strengthening ties, engaging in dialogues, forging new partnerships, and promoting regional connectivity for a brighter future. “The BRF is about planning together, building together and benefiting together,” he said, adding that the project had established a new framework for international cooperation.
He termed BRF a “humanity’s joint pursuit of development for all”, which he said extended from Eurasia to Africa and Latin America. He said the project had ensured a flow of goods, capital, technology and human resources.
Xi said BRF would inject new impetus to the global economy and mentioned that 20 multilateral cooperation platforms had been established under the BRF besides a large number of other significant projects.
Russian President Vladimir Putin said China had proved its mettle during the last 10 years in the implementation of its project of global connectivity.
He said Russia supported President Xi’s vision that aimed at ensuring regional connectivity and benefiting nations across the globe.
Besides Kakar, the dignitaries at the forum included Russian President Vladimir Putin, Ethiopian Prime Minister Abiy Ahmed, Sri Lankan President Ranil Wickremesinghe, Republic of Congo President Denis Sassou Nguesso, Papua New Guinean Prime Minister James Marape, Cambodian Prime Minister Hun Manet, Argentina’s President Alberto Fernandez, Hungarian Prime Minister Viktor Orban, and Indonesian President Joko Widodo.
In a bilateral meeting between the caretaker prime minister and Chinese Premier Li Qiang on the sidelines of the BRF, Pakistan and China agreed to further strengthen high-level dialogue and engagement besides deepening the political, economic, education, science & technology, cultural and people-to-people relations.
Accompanied by the ministers and senior officials, the two leaders reaffirmed the time-tested and iron-clad friendship between Pakistan and China.
Kakar extended felicitations to the Chinese leadership on the successful holding of the Third BRF. Noting the depth and breadth of the BRI, the interim PM termed it a project of immense significance for the world in terms of connectivity and shared prosperity. The two leaders discussed bilateral collaboration in the context of CPEC and prospects of further deepening economic linkages.
Kakar underscored the importance of CPEC for Pakistan’s economy and noted with satisfaction its expansion into new areas of development, including industrial development, livelihood projects, ICT, mining and minerals exploration and agriculture. He expressed confidence that Chinese investment in Special Economic Zones will contribute to the diversification of Pakistan’s export basket and expansion of its industrial base.
Premier Li Qiang underlined the steady growth of bilateral cooperation and noted the positive momentum of CPEC projects. He hoped that leadership consensus would give a further boost to trade and economic relations between the two countries.
The two prime ministers also witnessed the signing ceremony in which several MoUs/ agreements were signed in areas of commerce, communication and transport, including MLI, connectivity food security & research, media exchanges, space cooperation, urban sustainable development, capacity building, mineral development and industrial cooperation, climate change and vaccine development.
The caretaker prime minister also separately met Li Xi, Member of the Standing Committee of Politburo of the Communist Party of China. They reaffirmed the commitment of Pakistan and China to strengthen bilateral political and economic ties and their unwavering support to each other on core issues.
The two leaders also discussed measures to increase the volume of Chinese investment in Pakistan, especially in ICT, mining, infrastructure and agriculture sectors. Kakar and Li also exchanged views on anti-corruption and financial discipline.
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