China and Pakistan are expected to sign a framework agreement for Industrial Cooperation (IC) during the 10th Joint Cooperation Committee (JCC) meeting on the China-Pakistan Economic Corridor (CPEC) scheduled to be held via video-link this month
China and Pakistan are expected to sign a framework agreement for Industrial Cooperation (IC) during the 10th Joint Cooperation Committee (JCC) meeting on the China-Pakistan Economic Corridor (CPEC) scheduled to be held via video-link this month.
Both the countries have already signed a memorandum of understanding (MoU) on industrial cooperation and now in the upcoming meeting of the JCC, it is likely to be taken to the next level, the China Economic Net (CEN) reported on Monday.
The JCC is the highest decision-making body of CPEC. To implement CPEC, China and Pakistan have set up a ministerial-level JCC on CPEC Long Term Planning.
Initially, there were 7 joint working groups (JWGs) under the JCC for planning, energy, transportation infrastructure, Gwadar Port, industrial cooperation, social-economic development and international cooperation. Later two more JWGs on agriculture and science and technology were made.
The JCC is responsible for overall planning and coordination under CPEC, while the JWGs are responsible for the detailed planning and implementation of the projects.
In connection with the 10th JCC meeting, Khyber Pakhtunkhwa (K-P) province has proposed mega-projects in energy and power, tourism, agriculture, road, industry and social sectors to be presented to the 10th JCC meeting for consideration.
These include Peshawar- DI Khan Motorway, Chashma Right Bank Canal, Swat Expressway Phase 2, Dir Expressway, Chakdara to Chitral Expressway, Chitral to Shandur Road, Kumrat Cable Car, Peshawar Circular Rail, Daraban Economic Zone, Mori Kari Hydel Power Project, 500 KV transmission line from Chital to Chakdara etc.
All the necessary arrangements have been completed for the groundbreaking of Rashakai Economic Zone and so far 700 applications have been received for setting up industries in the economic zone, Tribune reported.
Mainline-I (ML-I) project – one of the major projects under CPEC – is also likely to see the light of the day in the 10th JCC meeting. As many as 18 projects worth around Rs 83 billion have been identified in the agriculture sector under CPEC to exploit its potential and modernize it for sustainable economic growth. These projects are likely to be tabled in the 10th JCC meeting.
Pakistan and China had launched CPEC six years ago with an initial investment portfolio of about USD 46 billion, which was subsequently increased to USD 60 billion.
The share of projects that are in the pipeline is USD 28 billion, according to the CPEC Authority presentation to the cabinet body in January this year.
So far, 17 projects worth USD 13 billion have been completed while another 21 projects having an estimated cost of USD 12 billion are being implemented.