CPEC brings $25billion FDI to Pakistan: China

By Monitoring Desk
Thursday – November 5, 2020
BEIJING (China): Chinese foreign office (FO) spokesperson Wang Wenbin said, addressing a regular press conference on Wednesday, that since China-Pakistan Economic Corridor (CPEC) began over 7 years ago, major progress is achieved and many projects stand launched and/or completed, bringing over $25 billion of foreign direct investment (FDI) to Pakistan.

According to a press release, he continued: we highly applaud Pakistan’s recent positive remarks on the CPEC, which is an important pilot belt and road initiative (BRI) project and a flagship for China-Pakistan bilateral cooperation.

Last month, the orange line (OL) mass rapid transit (MRT), an early harvest project under CPEC, was inaugurated in Lahore, introducing an era of metro train service for Pakistan.

The completed projects have greatly improved the country’s transport infrastructure and power supply, created more than 70,000 local jobs, contributed one to two percent to Pakistan’s gross domestic product (GDP) growth annually, and significantly boosted its socio-economic development and people’s wellbeing.

The CPEC contributes to not only economic and social development in China and Pakistan, but also regional connectivity and common development.

Let’s look at Gwadar port, nearly 20,000 tonnes of commodities such as wheat, sugar and fertiliser have been transferred via the port to Afghanistan since the first half of the year, creating almost 1,000 jobs in the process.

China firmly supports the building of CPEC, we will continue working with Pakistan to implement our leaders’ consensus, further focusing on cooperation in areas like social welfare, industries and agriculture while advancing existing projects, and forging the CPEC into a demonstration programme for quality BRI cooperation that brings more benefits to people in China, Pakistan and the whole region.

The BRI cooperation projects, including the CPEC, are open, we welcome the participation of other countries that are interested, and together we can contribute to prosperity, stability and development of the region and beyond.

China’s position on the issue of Kashmir has been consistent and clear, it is an issue left over from history between India and Pakistan, which should be resolved properly and peacefully in accordance with the united nations (UN) charter, relevant UN security council (UNSC) resolutions and bilateral agreements, Chinese FO spokesperson Wenbin concluded.