China to invest in new CPEC projects related to industries, agriculture, science & tech

China Thursday expressed its readiness to work with Pakistan to start investment in new projects in the fields of industries, livelihood, agriculture and science and technology.

Referring to the recent statements of Prime Minister Imran Khan, China’s Foreign Ministry Spokesperson Wang Wenbin said that China noted that recently Prime Minister Imran Khan has made positive remarks on the China-Pakistan Economic Corridor on different occasions.

“This fully attests to the all-weather friendship between China and Pakistan and the importance the Pakistani side attaches to our all-dimension cooperation,” Wang Wenbin said while responding to a question during the regular briefing in Beijing.

“As an important pilot program of the Belt and Road Initiative (BRI), CPEC has made significant contributions to promoting the economic development and improving people’s livelihood in Pakistan, thus winning extensive acclaim and high recognition from various sectors,” he said.
He said China stands ready to work with Pakistan to follow through upon the consensus of the our leaders, and on the basis of ensuring sound construction and operation of existing projects.
Given the scope and magnitude of the COVID-19 crisis, understanding how the pandemic affected Pakistan’s private sector will be key to informing the design of new policy measures or refining existing ones to prevent widespread long-term firm closures and job losses.

This edition of the Pakistan Development Update also presents the findings of two waves of World Bank Business Pulse Surveys and suggests several key policy measures to further support the recovery of the private sector and the Pakistani economy.

“Despite some recovery in the private sector, many firms remain vulnerable and require support to prevent closures and further job losses. Policy measures that prevent permanent firm closures and further job losses will contribute significantly to sustaining the recovery
“We will focus more on cooperation in industries, livelihood, agriculture and science and technology, and strive to turn CPEC into a demonstration project of high-quality BRI cooperation and deliver more benefits to people in the two countries and the region,” he concluded.The policy measures that can be considered include enhancing private sector access to formal finance, in particular for Micro, Small & Medium Enterprises, streamlining regulatory and administrative requirements to ease compliance costs, and providing support to firms in digitizing and establishing an online presence.

Source: .pakistantoday

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