Heavy Mechanical Complex, Chinese firms ink pact to boost CPEC-II

Asim Bajwa says second phase of Corridor will help revamp Pakistan’s basic infrastructure

By: News Desk      Published: 01:05 PM, 18 Jun, 2020
Heavy Mechanical Complex, Chinese firms ink pact to boost CPEC-II

China-Pakistan Economic Corridor (CPEC) Authority and Special Assistant to the PM on Information and Broadcasting Chairman Lt-General (retd) Asim Saleem Bajwa has said that the second phase of CPEC will help revamp the basic infrastructure of the country.

Addressing an agreement signing ceremony between CPEC Authority and Chinese companies in Taxila on Thursday, he said the phase-II of the mage project has been started, which will provide further investment opportunities to foreign investors in Special Economic Zones.

The MoU signing ceremony was between the Heavy Mechanical Complex, Taxila and Chinese companies which was also attended by Chinese Ambassador to Pakistan Yao Jing and Chairman Atomic Energy Commission.

The Chairman CPEC Authority said the agreement will boost foreign investment in the mega project leading to prosperity in the region. He said under phase-II, new Railway tracks will be constructed and existing tracks will be extended, which will further improve performance of Pakistan Railways.

He said all projects under phase-I are being completed on a fast-track basis. He said eight energy projects have been completed while nine projects are under completion. He said two energy projects will also be part of phase-II.

Asim Saleem Bajwa invited foreign entrepreneurs to invest in Special Economic Zones in Pakistan. He said foreign investment in Special Economic Zones will enhance job opportunities in the country and help increase exports and decrease imports.

Asim Saleem Bajwa said CPEC is becoming a fast reality as it is a reflection of the desire of both countries’ leadership to change the warm relations into economic intergradations. He said, “In the second phase we go into business to business, we are looking for Foreign Direct Investments (FDIs), individual, companies and entrepreneurs partnering with Pakistani businesses and business houses.”

CPEC authority along with the help of a brother, Chinese Ambassador to Pakistan Yao Jing, connecting the companies and we have now new Business Council, that will increase cooperation in a deliberate and institutionalized manner with full confidence and transparency, he added.

He said even the COVID-19 had not been able to hamper the progress on what we want to make. “In Phase-I, I see, eight energy projects completed of $12.5 b and nine are in execution phase with $14 billion investment.”

He said, “CPEC is actually the reflection of both country’s leadership to translate our warm relations into economic intergradation and this is not restricted to one government as it had span on decades.”

“CPEC is coincided and carried and well possessed everyone in Pakistan. We hope we can raise prosperity in Pakistan through CPEC. “

He said that the vision of Prime Minister Imran Khan was to utilize the potential of youth.

Commenting on the CPEC Phase-II, Asim Bajwa said what is Phase-II, it is a combination of railways lines, dry ports, new transmission system, all railways crossing would be replace with underpass and overhead bridges. “The efficiency and speed is increased for railways, and for this restriction of railway system has also been approved,” he said.

“Secondly, with Special Economic Zones (SEZs) the mass industrialization in Pakistan is expected and we are talking of re-location of industry, preferred SEZs, we are close to sign the deal as we are also progressing well on this.”

He said this is where role of heavy mechanical complex came in as they will contribute and prevent us from importing heavy machines. “Let me tell you the believe of PM in youth, our youth is intelligent and they can acquire any skills, this is why, program is already in work, to revamp out technical institute to bring the human resource to full require of industrialization of Pakistan,” Bajwa said.

He said, “Our focus in CPEC Phase-II is also on agriculture. We have been speaking to HMC. We will ask HMC for large-scale manufacturing of heavy machinery and through which we can do mechanization of agriculture, better water conversation and smart management of the farm.”

Bajwa said CPEC Phase-II’s another focus is on Science and Technology and if you go through the company’s profiles, you will realize how much CPEC Authority is making progress on CPEC.

He said “It is time for optimism and hope. We know there are detractors and people trying to present CPEC have been slowed down. There is a lot of groundwork done and you will see many projects in coming days.”