Pakistan, China to advance phase-2 of CPEC with five new corridors

Pakistan and China have accelerated efforts to advance Phase-2 of the China-Pakistan Economic Corridor (CPEC) and agreed to establish a Working Group to explore five new economic corridors, aligning with Pakistan's Planning Ministry framework. 

The decision was made following a meeting between Pakistan's Federal Minister of Planning, Development, and Special Initiatives, Ahsan Iqbal, and Chinese envoy Jiang Zaidong at the Planning Ministry. 

Both sides discussed collaboration in advancing CPEC projects and fostering economic growth. 

Chinese Ambassador Jiang Zaidong congratulated Minister Ahsan Iqbal on his appointment and commended Pakistan's dedication to CPEC initiatives. 

They affirmed their commitment to expediting Phase-2 of CPEC and announced the establishment of a working group for five new economic corridors. 

These corridors include Corridor of Job Creation, Corridor of Innovation, Corridor of Green Energy, and Inclusive Regional Development. 

The Planning Ministry and China's National Development and Reform Commission (NDRC) will develop concept papers outlining the strategic roadmap for each corridor to be presented at the upcoming Joint Coordination Committee (JCC) meeting in 2024. 

Iqbal proposed a collaborative "one plus four" model to enhance the effectiveness of Special Economic Zones (SEZs) within Pakistan, emphasising the importance of industry-specific clusters to attract investment. 

Discussions also covered efforts to enhance regional connectivity through projects such as the Gwadar Port and the M-8 motorway to bolster trade links and regional integration. 

Planing Minister reiterated Pakistan's commitment to ensuring the security of Chinese personnel involved in CPEC projects. 

The meeting also highlighted the shared determination of Pakistan and China to deepen economic cooperation and realize the full potential of CPEC for mutual benefit and regional development.