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April 26, 2019

‘Development under CPEC to help regional peace, prosperity’

Business

April 26, 2019

ISLAMABAD: Federal Minister for Planning, Development and Reform Mukhdum Khusro Bakhtyar has said that China-Pakistan Economic Corridor is now entering into the 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, a statement said on Thursday.

The minister expressed these views while addressing the thematic session on “Connectivity of Policy of 2nd Belt & Road Forum for International Cooperation” in Beijing on Thursday. Ministers and dignitaries from various countries, Secretary Planning Zafar Hasan and Project Director Hassan Daud were also present in the session.

Bakhtyar 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 was 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,” Bakhtyar said, adding that Pakistan under the vision of Prime Minister Imran Khan was actively engaged in the initiative and its flagship project, CPEC, was progressing in the right direction.

He said that Belt and Road Initiative would ultimately change the way economic centres of partner countries were connected.

“Costs of productivity, transport and logistics as well as competition and market opportunities will be impacted,” he said.

The partner countries would find more opportunities to add value and carry out intermediate trade in a more time-efficient and cost effective manner.

The minister said through Belt and Road forum, participating states should promote intergovernmental cooperation, build intergovernmental mechanisms based on

shared interests, trust and consensus.

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