Islamabad, In a strategic move to deepen their economic partnership, Pakistan and China have agreed to form a Working Group to develop five new Economic Corridors under the second phase of the China-Pakistan Economic Corridor (CPEC), aimed at enhancing various sectors within Pakistan and aligning with its 5Es development framework.

According to Press Information Department, the initiative was solidified in discussions between Pakistan’s Federal Minister of Planning, Development and Special Initiatives, Professor Ahsan Iqbal, and Chinese Ambassador Jiang Zaidong. The new corridors will focus on Job Creation, Innovation, Green Energy, and Inclusive Regional Development, setting a course for mutual prosperity and intensified cooperation.

During the engagement, both parties committed to accelerating the progression of CPEC phase 2, focusing on creating a robust framework for these corridors. The Planning Ministry and China’s National Development and Reform Commission (NDRC) will each draft concept papers outlining strategic visions for these corridors, which are slated for review at the Joint Coordination Committee meeting in 2024.

The discussion also highlighted the “one plus four” model proposed by Minister Iqbal for Special Economic Zones (SEZs), emphasizing collaboration with Chinese provinces, industry groups, and SEZs to boost Pakistan’s industrial and export capacities. This model aims to foster specialized industrial clusters within SEZs, enhancing their productivity and global competitiveness.

Ambassador Jiang commended Pakistan’s efforts in advancing phase 2 of CPEC and suggested that Pakistani SEZ officials visit Chinese industrial parks to glean insights on operational efficiency. The ambassador acknowledged Pakistan’s shift towards industrialization and emphasized the importance of security measures to protect ongoing and future collaborative projects.

Minister Iqbal stressed the significance of these economic corridors and SEZs in achieving scalable industrial growth and fostering an ecosystem conducive to innovation and economic diversification. He also reiterated Pakistan’s commitment to ensuring the security of Chinese personnel, underlining it as a cornerstone for the continued success of CPEC initiatives.

This collaboration marks a pivotal chapter in Pakistan-China relations, emphasizing shared goals for economic development and regional connectivity through strategic initiatives and infrastructure development.