Chinese firms ink 41 CPEC-linked accords in 2018

KARACHI: Chinese companies have signed 41 different understandings for major undertakings related to China-Pakistan Economic Corridor (CPEC) during 2018, an official said on Thursday.

“Under these accords, Chinese firms will invest in energy, Gwadar port, road infrastructure, industrial development, etc,” Lee Xia Oxian, chairman Association of Chinese Enterprises in Pakistan, said at Pakistan China Construction Conference, organised by Association of Builders and Developers (ABAD).

“The CPEC is not only important for Pakistan and China but it also holds equal importance for other regional countries.”

Oxian added that Gwadar was the key project because all other CPEC projects are linked to it.

Guo Chunshui, commercial and business consular of China, in his address, said CPEC was serving as a trade bridge between the two brotherly countries.

“The CPEC projects would generate immense employment and boost economic activities,” Chunshui said adding this project would also deepen friendship between the two countries.

Arij Jeewa, chairman Association of Builders and Developers, said Pakistan was facing a shortage of 12 million housing units and an amount of $180 billion was needed to overcome this deficit.

He said it was heartening to note that Chinese companies were investing big time in the CPEC projects.

Later, at business-to-business (B2B) meetings 19 Chinese companies and 21 Pakistani counterparts exchanged views on the construction industry and discussed investment opportunities.

About 40 delegates representing 19 leading Chinese companies attended the conference.

The CPEC is a collection of infrastructure projects that are currently under construction throughout Pakistan.

Originally valued at $46 billion, the value of CPEC projects is now worth $62 billion.

The game-changing project is a framework of regional connectivity as it will not only benefit China and Pakistan but will have a positive impact on the whole region.

The idea of one belt one road (OBOR), as pioneered by Chinese President Xi, is not about building roads but connecting policies, people, and brains.