Minister for Planning, Development and Reform, Khusro Bakhtyar has said that China has decided to invest $ 10 billion investment in oil and gas sector, $ 4 billion in local and steel sector and $ 9 billion have been approved for ML-I railways project under the China-Pakistan Economic Corridor (CPEC) projects.
He expressed these views while addressing the 3rd annual two-day conference on CPEC Consortium of Universities here on Monday.
The minister said that $ 9 billion project was also approved for railways mainline from Peshawar to Karachi for providing better transport facilities to the people.
He said the government has taken several important decisions that paved the way for finalization of Gwadar master plan and preliminary design of ML-1 project, operationalization of Gwadar Port and free zone.
He maintained that the government has established CPEC Authority which would work as a one window for all the CPEC related issues so that "we can fasten the pace of projects and remove all the bottlenecks for efficient implementation of the projects."
About the CPEC, he said that it will be a gateway for progress and prosperity for a bright future.
The minister said that under the next phase of the CPEC, the industrial base of the country would be expanded which would help increase the country's exports. He said that China has total trade volume worth $4,000 billion with the world; however, Pakistan has only $ 80 billion of trade with global market.
He said that the Chinese government is investing $1 billion in socio-economic sector in two years including cooperation in higher education.
"The Chinese government has offered 20,000 scholarships for Pakistani students to avail chances of higher education, besides financing to build 1,000 small schools in different areas of the country," he said.
He said that in the 9th JCC, China and Pakistan had decided to extend industrial, agriculture and infrastructural cooperation to initiate different projects in those areas.
"We have broadened the cooperation through the CPEC in the areas of socio-economic development, agriculture, industries, infrastructure, energy and people-to-people contacts through universities for enhancing multilateral relations between the two countries," he said.
The minister said that diagnostics study through concrete research is required for evaluating different potential sector to harmonize the socio- economic development of both the sides.
He said that the government wanted to add new sectors including iron, mines and minerals, oil and gas sector, copper, pipeline, textiles and auto mobile sector to exploit potential of trade through the CPEC.
While addressing the conference, Ambassador of China to Pakistan Yao Jing said that Universities Consortium on CPEC would play a vital role for the completion of this mega project, adding that 9th JCC of CPEC was held in Islamabad.
He said that CPEC provides platform for cooperation to connect the societies, institutions and people of the both sides. He said that academia and universities will play role in cooperation and transfer of the technology in both sides.
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