(Yicai Global) Jan. 8 -- The China-Pakistan Economic Corridor has entered its fifth year. With energy development and infrastructure planning essentially in place, the two countries are embarking on a plan to develop special economic zones and industrial parks that will boost Pakistan's economic growth and generate revenues.
China has a great deal of experience in developing industry and building special economic zones. Pakistan hopes that with China's help it can establish special economic zones of a stated scale which will promote Pakistan's economic development and help its private sector grow, said Masood Khalid, Pakistan's ambassador to China on Jan 6 in Beijing.
Khalid made the above remark at the China-Pakistan Economic Corridor industrial cooperation and industrial park construction conference hosted by the Center for Pakistan Studies at Peking University and cosponsored by China Three Gorges International Corp. "The private sector and government departments are equally important in promoting Pakistan's industrial development," he also stressed.
Industrial cooperation is an important part of the China-Pakistan Economic Corridor program. The two nations are cooperating to establish special economic zones in many provinces and regions in Pakistan on the basis thereof, and held the 7th meeting of the Joint Coordination Committee of the Pakistan China Economic Corridor in November to further explore pragmatic cooperation in the industrial field, Khalid said.
The China-Pakistan Economic Corridor is one of six corridors under the One Belt and One Road Initiative, and is known as the Belt and Road flagship project. The two sides have formed a '1 + 4' cooperation master plan centered on the China-Pakistan Economic Corridor, with its focus on the Chinese-financed – and owned -- Gwadar port on the Arabian Sea in Pakistan's southwestern province of Balochistan, energy, transport infrastructure and industrial cooperation.