CPEC to bring economic development for Pak, entire region: PM

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Islamabad, May 24 (IANS) Pakistani Prime Minister Imran Khan said that the China-Pakistan Economic Corridor (CPEC) will bring economic development not only for Islamabad but also for the entire region.

The all-weather strategic cooperative partnership between Pakistan and China is unprecedented, Xinhua news agency quoted Khan as saying while chairing a review meeting here on Sunday on the progress of the CPEC projects and investment promotion.

He noted that in order to transform these relations into strong economic ties, it was necessary to promote investment in areas of mutual interest and provide all possible incentives to investors.

During the meeting, Khan expressed satisfaction over the pace of work on the special economic zones under CPEC, which are expected to promote Pakistan’s industrialization and help the country attract more investment, the prime minister office said in a statement.

Reviewing the facilities provided by the government to the Chinese investors and the problems faced by them, Khan emphasized that all the huddles should be removed on a priority basis and all possible incentives should be given to investors to improve ease of doing business and investment environment in the country.

The Prime Minister also directed the concerned departments to take immediate steps to eradicate obstacles in the issuance of long-term visas to foreign investors, especially Chinese investors.

The CPEC is a flagship $62 billion project of Chinese President Xi Jinping’s Belt and Road Initiative that aims to connect Asia, Africa and Europe through a vast network of highways, rail lines and sea lanes.

The multi-billion dollar corridor connects the Chinese city of Kashgar with Pakistan’s Gwadar port on the Arabian Sea.