China to invest $10bn in oil, gas sector: Khusro
Planning Minister Khusro Bakhtyar said that industrial base of the country would be expanded under China Pakistan Economic Corridor’s (CPEC) next phase to help increase national exports.
The minister said that China had total trade volume worth of $4000 billion with the world and Pakistan had just $ 80 billion trade with global market.
Addressing the 3rd annual two-day conference on CPEC Consortium of Universities here on Monday, he said that the Chinese government is investing one billion dollars in socio- economic sector in two years including cooperation in higher education. He said that the Chinese government has also offered twenty thousand scholarships for Pakistani students to avail chances of higher education, besides financing to build one thousand small schools in different areas of the country.
Khusro Bakhtyar said that Pakistan and China have broadened the cooperation through CPEC, in areas of socio- economic development, agriculture, industries, infrastructure, energy and people to people contacts through the universities for enhancing the multilateral relations between the two countries.
The Minister said that China has also decided to invest $ 10 billion in oil and gas sector and $ 4 billion in local steel sector through CPEC projects.
He said a $ 9 dollar project was also approved for railway line from Peshawar to Karachi for providing better transport facilities to the people.
He said that the government has taken several important decisions that paved the way for finalization of Gwadar Master Plan and preliminary design of ML-1 project, operationalization of Gwadar Port and free zone.
Addressing the conference, Ambassador of China to Pakistan Yao Jing said that Universities Consortium on CPEC would play vital role for the completion of this mega project.
He said CPEC provides platform for cooperation to connect the society, institution and people of the both sides.
He saod academia and universities have to play role in cooperation and transfer of the technology on both sides.