KARACHI: The projects under the China-Pakistan Economic Corridor (CPEC) are progressing at a fast pace during the tenure of the PTI government, Federal Minister for Planning and Development Asad Umar said.
He was addressing a reception ceremony held in connection with the arrival of the first consignment of equipment and machinery for the Century Steel at the Karachi Port, to set up a steel mill at the Rashakai Special Economic Zone.
“The way the government handled the pandemic situation and made efforts to contain the spread of COVID-19, it would also continue working day and night for the success of CPEC,” he said.
He termed the occasion another manifestation of exceptional relations between Pakistan and China.
Umar said CPEC is now entering into the most important second phase and the projects are now not limited to infrastructure only.
He informed that the CRBC, a Chinese firm, had entered into an agreement with Pakistan under the CPEC to promote foreign investments for development and marketing in the Rashakai Special Economic Zone (SEZ).
The minister added that the work for the provision of basic necessities, including electricity and others, at the Rashakai SEZ was underway at a fast pace.
Umar said the Century Steel, a Chinese firm, with an investment of $240 million, would set up a steel mills in Rashakai SEZ, which would produce about 1.5 million tons of steel. The firm would also employ over 600 Pakistanis during the construction phase while in the second phase, over 1,000 people would be provided jobs.
“The CPEC is moving practically into the exciting phase of industrial cooperation with foreign investment, transferring technology and creating jobs,” he added.
Chinese Consul General in Karachi Li Bijian, speaking on the occasion, said due to the concerted efforts of the Government of Pakistan, the economy of the country was strengthening and gaining momentum despite the negative effect of the global pandemic, especially the construction sector had been witnessing faster growth and the demand for steel has increased.
Because of the brilliant efforts from both sides, China and Pakistan, the first phase of CPEC had been completed, he said, adding that they are quite confident of attracting more and more investments in Rashakai SEZ.
The consul-general thanked the federal government, particularly, the CPEC Authority chairperson for his support and efforts.
He said it was an honour for him to witness the reception of the first consignment carrying equipment and machinery for the Century Steel.
