Beijing: The second phase of the China Pakistan Economic Corridor (CPEC) was inaugurated with the signing of new agreements aimed at boosting the agricultural and industrial sectors of both nations. This strategic move seeks to elevate the economic partnership between Pakistan and China through substantial investments and collaborative initiatives.
According to Ministry of Information and Broadcasting, Pakistan’s International Innovation Park Limited and China National Cereals, Oils and Foodstuffs Corporation have entered into a significant 400 million-dollar agreement in the agricultural sector. This agreement promises to grant Pakistani products duty-free access to the global market, which could reshape the country’s agricultural landscape.
Moreover, a Memorandum of Understanding has been established to foster digital transformation and streamline the supply chain in two hundred Pakistani textile factories. This initiative is designed to fortify the textile sector and expand its global reach by integrating advanced technologies and efficient practices.
These developments mark a pivotal moment in the CPEC initiative, enhancing bilateral cooperation and aiming to bring about a transformation in the productivity levels of key economic sectors of Pakistan.