China plans to invest $1bn in Pak development projects

Islamabad, Sep 8 (IANS) Yao Jing, the Ambassador of China to Pakistan, has announced that Beijing has planned to invest $1 billion in development projects in Islamabad.

He made the announcement while addressing the Islamabad Women’s Chamber of Commerce and Industry (IWCCI) on Saturday, The Express Tribune reported.

Besides this, he also said the pace of development projects under the China-Pakistan Economic Corridor (CPEC) was satisfactory and the second phase of the China-Pakistan Free Trade Agreement (CPFTA) will be finalised in October after which 90 per cent of Pakistani exports including agricultural products and seafood will attract a 0 per cent duty.

"Market access will increase Pakistan’s exports by $500 million, which will reduce the disparity between bilateral trade," said Yao.

The envoy remarked that Chinese businesswomen would be invited to participate in the fifth Islamabad Expo scheduled in November to explore the market and promote networking.

"In addition, women entrepreneurs of Pakistan would be sent to China to participate in the expos and explore business opportunities," he added.