Deputy Chairman Planning Commission, Sartaj Aziz Tuesday said that the investment value of first phase of China-Pakistan Economic Corridor (CPEC) projects has reached over $30 billion while overall it has exceeded $60 billion. "I hope that trade balance between both the countries would improve in favour of Pakistan after finalization of revised Free Trade Agreement (FTA) between Pakistan and China," he said while talking to a delegation of Chinese journalists who called on him here at Planning Commission.
Sartaj said that the Joint Coordination Committee (JCC) on CPEC last week approved long-term Plan of CPEC which would provide new foundations to Pak-China relations. He said the long-term plan is an important element of Pakistan''s proposed 12th five-year plan.
He said that under the CPEC, China is establishing industries in Pakistan which would help boost business activities in Pakistan. He said that the establishment of nine industrial zones under the CPEC would bring industrial revolution in the country. He said that this step is not only in favor of the two countries but other countries would also be able to establish their industries in the zones.
Sartaj Aziz said that as a result of cooperation in agriculture sector, Pakistan would get an opportunity to export agricultural products, including grains, cotton, sugar, fresh vegetables and fruits, to China.
He said the Chinese vision of One Belt One Road (OBOR) has increased global connectivity. He said the CPEC is the flagship project of OBOR and is being actively pursued due to commitment of leadership of both countries.
He said that the less-developed areas of the country would enter a new era of development due to construction of CPEC route.
He said that the government has formulated a very liberal investment policy to attract foreign direct investment in the country. He said that there is a plan to upgrade the packages that have been operational with fast speed. Sartaj Aziz said that Chinese leadership has changed the thinking of globalization into a development trip.