BEIJING - Minister for Planning, Development and Reforms Ahsan Iqbal has said that Pakistan is smoothly implementing the China Pakistan Economic Corridor (CPEC) and we are very satisfied with the speed of the implementation.
“China has promised $57 billion in investment in projects along CPEC, part of the Belt and Road Initiative proposed by Chinese President Xi Jinping in 2013 which aims to link China with the Middle East and Europe,” he said in an interview on the sidelines of the World Economic Forum in Dalian, China. He said, “In addition to the investment pledges from China, Pakistan would invest close to $10 billion. The economic corridor, to be completed in three phases by 2030, will boost Pakistan’s energy security and infrastructure, helping it to attract more foreign investment.”
Ahsan Iqbal said, “There are some challenges to be addressed, including on coordination among different government ministries and among internal and external stakeholders.”
“There are actually many gaps that we have to correctly address. First and foremost is the coordination gap,” he added.
“Pakistan and China aim to build a network of rail, road and energy infrastructure as part of the Belt and Road initiative,” he said.
“Pakistan has been one of the most enthusiastic supporters of the initiative, in part because many projects are for power plants to alleviate its energy shortage,” he said.
Gwadar Airport construction to commence in Sept
GWADAR: Construction work on Gwadar International Airport is likely to be started by the end of September this year after approval of grant by the Chinese government.
The project will be completed within three years and will cost $230 million, Radio Pakistan reported quoting official sources.
The Chinese government has agreed to provide funds for the construction of the airport and had approved a grant in this regard during Prime Minister Nawaz Sharif's recent visit to China.
Officials said that China Pakistan Economic Corridor will turn Gwadar into a regional economic hub and, in preparation for this, special emphasis is being given for the development of New Gwadar International Airport.
The construction of international standard airport at Gwadar is aimed at facilitating the movement of international investors and visitors. Around 4,300 acres of land 26 kilometers northeast of the existing airport has already been acquired