CPEC game-changer for Pakistan, entire region: PM Nawaz

11:44 AM | 29 Aug, 2016
CPEC game-changer for Pakistan, entire region: PM Nawaz
ISLAMABAD (APP) - Prime Minister Muhammad Nawaz Sharif Monday said the China-Pakistan Economic Corridor would not only serve as a “game-changer” for Pakistan, but also for entire region by helping it rid of deprivation and bringing peace and prosperity.

Addressing the inaugural session of the two-day China-Pakistan Economic Corridor (CPEC) Summit and Expo here to enhance awareness about the ambitious project, the Prime Minister termed it a “new concept in diplomacy” and said it would help in elimination of poverty and unemployment.

Prime Minister Sharif said CPEC was not merely a strategic agreement, but culmination of a decade-long friendship between Pakistan and China. He said it was an advanced stage of relationship in the history of cooperation and collaboration between the two countries on issues of global importance.

The Prime Minister said the two sides never left each other in times of distress and recalled Chinese assistance to Pakistan following the devastating earthquake in 2005 and floods in 2010.

He said during his visit to Pakistan, President Xi Jinping told the parliament that Pakistan stood by China when it was isolated. He said now China has reached out to the country when Pakistan stood economically isolated.

He termed the relationship between the two countries as “very special” and said the two countries have always supported each other at international fora and was based on basis of trust and honesty.
He termed CPEC most important initiative of 21st century and said it perfectly compliments Pakistan’s vision 2025.

Sharif said Pakistan was an emerging economy and was rich in natural resources. He mentioned the highest GDP in last eight years, with best performing stock market, doubling of the foreign exchange reserves, improvement of security environment.

He said the economic value of the project was US 46 billion dollars, however added that the real impact was many times more and would have a longer lasting effect.

He said the project would not only improve Pakistan’s own infrastructure but would also provide it the much needed know how, knowledge and expertise in new technologies.

He said US 35 billion dollars would be invested in energy sectors alone to produce 10400 MW of electricity. He said it would help the growth of Pakistan’s economy.

The Prime Minister said the project would benefit all regions of Pakistan and equally benefit Gilgit Baltistan, remote areas of Khyber Pakhtunkhwa, Balochistan.

He described development of Gwadar as the “jewel project” of the entire CPEC, with its own power generation, road, rail and air links and would serve as a model smart port city.

The event was attended by Minister for Planning Ahsan Iqbal, Advisor to Prime Minister on Foreign Affairs Sartaj Aziz, Chairman Parliamentary Committee on CPEC Mushahidullah Khan, Chinese ambassador to Pakistan Sun Weidong and leading industrialists, ambassadors, businessmen.

The Summit held here at the Pakistan-China Friendship Centre was hosted by Ministry of Planning, Development and Reform and marks the inking of historic US$ 46 billion CPEC programme.

Ali Zain is a member of the staff at Daily Pakistan Global. He earned BS Communication Studies degree from University of the Punjab. His thesis titled "Cultural Continuity and Mass Media: An analysis of leading online newspapers of Pakistan" has been published as a book in Germany. He has also translated David Mathews' book "The Ecology of Democracy" into Urdu. He tweets at @alimaan.


Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91


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