CPEC second phase officially kicks off

Newswire

Islamabad: The second phase of the China-Pakistan Economic Corridor (CPEC) has officially begun, marked by the signing of a series of significant new agreements between Pakistan and China.

This phase is primarily centered around bolstering the agricultural and industrial sectors in Pakistan, with a focus on improving both productivity and quality in these vital areas.

In a major breakthrough, Pakistan’s International Innovation Park Limited and China National Cereals, Oils, and Foodstuffs Corporation on Saturday afternoon signed a high-value agreement in the agricultural domain. The deal, valued at US $400 million, was formalized during a high-profile ceremony in Beijing.

This agreement paves the way for a wide array of Pakistani products to gain duty-free access to international markets, providing a significant boost to the nation’s agricultural export potential and creating new opportunities for economic growth.

Further enhancing the partnership between the two nations, a Memorandum of Understanding (MoU) has also been signed to digitally transform and optimize the supply chain in 200 textile factories across Pakistan. Given that textiles play a central role in the country’s economy, this initiative aims to elevate the sector’s efficiency and global competitiveness through enhanced cooperation between the two countries.

These agreements represent a crucial milestone in the evolution of CPEC, further deepening the economic partnership between Pakistan and China.

As both nations continue to collaborate closely, these new ventures are set to stimulate growth, create new opportunities, and advance development efforts under the CPEC framework.