BEIJING – Pakistan and China are taking stern measures to revive second phase of multi-billion China-Pakistan Economic Corridor (CPEC) and now Beijing unveiled a series of proposals aimed at strengthening economic ties and enhancing security cooperation with Islamabad.
Reports in local media claimed China’s key proposals include anti-terrorism cooperation agreement and the formation of a joint security company to ensure the safety of Chinese citizens in Pakistan.
The neighboring nation plans to incorporate around two dozen outstanding projects from CPEC Phase I into Phase II, targeting essential areas such as railways, road infrastructure, LNG terminals, and special economic zones. The initiative seeks to revitalise partnership between the two nations and address security concerns surrounding Chinese investments.
Under Phase I, 38 projects worth $25.2 billion were completed, with significant contributions to energy sector. Currently, 26 projects valued at $26.8 billion are in the pipeline for Phase II.
In addition to security proposals, Beijing came up with various infrastructure projects, including the completion of the ML-I railway line, Karachi Circular Railway, and the development of Gwadar port.
The ‘Iron Friends’ aim to foster a cooperative mechanism to ensure the smooth implementation of CPEC projects, marking a significant step forward in their economic relationship.
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