Development Projects Worth $97 Billion Were Signed In Beijing Pakistan and China had agreed to accelerate the development of the Gwadar Port and the ML-1 up-gradation. Zahao Shiren

LAHORE/ISLAMABAD  ( Web News  )

The Consul General of China in Lahore Zhao Shiren disclosed that development projects involving $97 billion were signed at the 3rd Belt and Road Forum held in Beijing a few days ago.

Zhao Shiren disclosed this at a seminar in Lahore. The Institute of International Relations and Media Research organized the seminar on the “3rd BRF: Benefits to Pakistan and Global Shared Community.”

He highlighted that both nations had agreed to accelerate the development of the Gwadar Port and the ML-1 upgradation.

Furthermore, a total of 20 agreements and Memorandums of Understanding (MoUs) were signed, encompassing cooperation in various fields such as the Belt and Road Initiative (BRI), infrastructure, mining, industry, green and low-carbon development, health, space collaboration, digital initiatives, development cooperation, and agricultural exports to China.

The 3rd Belt and Road Forum yielded 458 outcomes, including significant initiatives like the Beijing Initiative for Deepening Cooperation on Connectivity, Belt and Road Green Development, International Digital Economy Cooperation, Green Investment and Finance Partnership, and High-Level Principles on Corruption-free Belt and Road Building.

These initiatives also feature specific targets, such as providing 100,000 training opportunities in green development for partner countries by 2030 and increasing the number of joint laboratories to 100.

Additionally, commercial agreements valued at $97 billion were concluded at the BRF CEO conference, promising to create employment and foster growth in Belt and Road Initiative (BRI) countries.

The forum also decided to establish a BRF secretariat to facilitate institution-building and project implementation.

Punjab Minister S. M. Tanveer extended an invitation to Chinese companies to invest in new industries and technologies within the province.

He highlighted potential areas of mutual cooperation, including agriculture development, modern farming techniques for high-yielding crops, food processing, meat production and export to Chinese markets, technical education, vocational training, and air quality improvement in Punjab through air purification towers.

Muhammad Mehdi, chairman of the organizing institute, emphasized the alignment of Pakistan and China on international and regional issues. He mentioned President Xi’s statement at the recent BRI Forum, emphasizing the Silk Road spirit of peace, cooperation, openness, inclusiveness, mutual learning, and mutual benefit as the foundation of Belt and Road cooperation.

Following the recent summit, the Belt and Road Initiative (BRI) is entering a new phase with a focus on industrialization in developing countries. This shift is of paramount importance for Pakistan as it has the potential to revitalize its economy, offering the much-needed boost as promised by the 3rd BRF.

The global significance of the Belt and Road Initiative, which benefits over 150 countries. CPEC, one of the ten corridors of the BRI, has played a vital role in Pakistan’s development, providing employment opportunities to at least 250,000 people since 2015.

As a flagship project of China’s Belt and Road Initiative, CPEC has transformed Pakistan’s economic landscape and fortified the bilateral ties between China and Pakistan.