Chinese companies to invest $20b in KP

PESHAWAR (NNI): Chinese companies will invest $20 billion in different sectors in Khyber Pakhtunkhwa. An agreement for this purpose has been signed in Peshawar. A number of projects will be completed in the province. These include construction of oil refinery, Chashma Lift Irrigation Scheme, hydro power projects and two airports; one each at Swabi and Dera Ismail Khan.  Similarly, Chitral-Dera Ismail motorway and railway line, laying of optical fibre and power transmission line, housing projects in backward districts, Peshawar Circular Railway and construction of another tunnel on Indus Highway in Kohat will be completed under the agreement. Chief Minister Pervez Khattak, who was also present on occasion, said Khyber Pakhtunkhwa will greatly benefit from the China-Pakistan Economic Corridor (CPEC).  He lauded Chinese investment in the province. Meanwhile, presiding over a meeting in Peshawar, Khyber Pakhtunkhwa Chief Minister Pervez Khattak directed the concerned quarters to float tenders for the project by April 30.

He said that Rapid Bus Transit Project would be completed at a cost of Rs 40 billion within eight months.

The Chief Minister said that the Rapid Bus Transit Project would connect eight routes and hence solve traffic problems of the provincial capital on permanent basis.

Hakla-Yarik section of CPEC Western Route to be completed next year

ISLAMABAD: (NNI): The Hakla-Yarik (DI Khan) section of Western Route of China-Pakistan Economic Corridor (CPEC) is scheduled to be completed in October 2018 at a cost of Rs129 billion. “The 285-kilometer section is being constructed in five different packages and work on all packages is underway,” said sources in the planning ministry. The sources said that 12 percent work on package-I (Yarik-Rehmai Khel), having the total length of 55 kilometres had been finished and this section would be completed in September 2018 at a cost of Rs13.3 billion. Similarly under Package-II, a 72-km section from Rehmanikhel to Mianwali is to be constructed which is under passing land procurement and design process. “In addition two percent work on 52 kilometer section of package-III from Mianwali to Tarap has been completed,” the sources said adding that work on the section had started in October 2016, and was scheduled to be completed by October 2018.

China’s Western Development Strategy closely linked to CPEC: Envoy

BEIJING (NNI): Pakistan’s Ambassador to China Masood Khalid has said that China’s Western Development Strategy is closely linked to the China-Pakistan Economic Corridor (CPEC), which has added a new chapter to the long history of close and comprehensive partnership between the two countries. “I am confident that as we move forward, the Chinese economy will continue to achieve stable growth and sustainable development.” he said in an interview published by “China Daily” on Saturday. While commenting on the annual two sessions of National People’s Congress (NPC), he said the annual sessions would continue to provide new solutions to increasing protectionism and provide ideas to accelerate the Belt and Road Initiative. The diplomat described “What intrigues him most when it comes to the annual gathering of the country’s lawmakers and political advisers”.

ECO summit achievement of Nawaz: ICST

ISLAMABAD (NNI): Islamabad Chamber of Small Traders (ICST) on Saturday said successful Economic Cooperation Organisation (ECO) summit was an achievement of Prime Minister Nawaz Sharif. “All the member states of the block should strive to achieve the dream of Prime Minister Nawaz Sharif to make region a successful economic block,” said ICST Patron Shahid Rasheed Butt. In a statement issued here, he said that ECO summit was successful but now all the stakeholders should strive to implement the decision without wasting any time. Butt said that ECO region had a great potential to become hub of economic activities as the Asia is become world’s leader in economic matters. He said that the region comprising vast land and over half a billion population would become integrated as CPEC would help the motives underlined during the summit. The business leader said that business community welcomed the decisions taken in the summit to double trade within a short span of time for which visa and customs facilitation was important.