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  • Sep 14th, 2018
  • Comments Off on Economic corridor: Third-country investment to be invited
Minister for Planning, Development and Reforms Makhdoom Khusro Bakhtiar has said that Pakistan Tehreek-e-Insaf (PTI) government has decided to focus on hydropower projects by putting the imported fuel power projects on the back burner and to invite the third-country investment in the China-Pakistan Economic Corridor (CPEC).

"Pakistan will open the CPEC for business for all and for this purpose we will invite third-country investment. Two focal persons have been appointed by Pakistan and China to determine for investment of the third country. The basket of energy mix should not tilt toward imported fuel projects. We are focusing on hydropower projects by expelling fuel imported power project form basket of energy mix," the minister further said while talking to media persons after presiding over the CPEC 56th Progress Review meeting on Thursday.

He said that geographical position of Pakistan providing connectivity with Gwadar port is very important. He aid that Gwadar Port would be opened for the world for trade, business and investment.

He said that the PTI government is giving importance to Thar Coal Power projects while the Pakistan Muslim League-Nawaz (PML-N) government did not pay any attention to such projects. He said the previous government only focused on generation of electricity but it did not pay attention to transmission and distribution system.

"Circular debt is the biggest problem for us. It increased due to imbalance in fuel mix basket. In future, the PTI government will not launch any fuel imported power project," he said.

The minister said that the government is setting financial modalities and focusing on ways to increase capacity building. "We will put a long-term financing plan and our needs for development projects before the nation," he said. The minister said that former government obtained $6 billion loan from China for infrastructure projects.

Khusro Bakhtiar said that a new Socio-economic Development Working Group has been established by both the countries for the benefit of the people in education, health, housing and agriculture sectors. "Both countries agreed to negotiate and determine the future development path and cooperation direction of the CPEC. However, Pakistan will prioritize its social and economic development as well as needs of its people," he said.

About the ML-1 Railway project, the minister said the project should have been the first priority of the previous government but it did not do so. He said the PTI government is discussing the ML-1 railway project and there is need of $9 billion for it.

He said, "We are also exploring mode of projects on the basis of Build-Operate-Transfer (BOT)." He said that ongoing development projects under the CPEC would be completed timely and speed of early harvest projects would be expedited. "We will focus on manufacturing and industrial development which will not only be limited to Special Economic Zones but also a comprehensive agreement with China would be made in this regard," he said.

About Gwadar, the minister said that 80 percent transshipments of the world could be made through Gwadar Port. But there is need of its development at international standard, he added.

Copyright Business Recorder, 2018


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