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Islamabad and Beijing are set to commence work on five new economic corridors, bolstering their strategic partnership with the support of Pakistan’s Special Investment Facilitation Council (SIFC), according to a state broadcaster’s report on Wednesday. This development marks a significant expansion of the China-Pakistan Economic Corridor (CPEC) initiative, which has been a cornerstone of economic cooperation between the two nations.
The new corridors, which will span various sectors including energy, technology, agriculture, and infrastructure, aim to deepen economic ties and enhance connectivity between Pakistan and China. The SIFC, recently established to streamline investment processes and facilitate foreign investments, will play a crucial role in coordinating these projects, ensuring efficient execution and overcoming bureaucratic hurdles.
The announcement comes at a time when both countries are looking to strengthen their economic collaboration amid shifting geopolitical dynamics in the region. Pakistan’s government has emphasized the importance of economic growth and development through strategic partnerships. The collaboration with China, a long-time ally, is seen as a vital component of this strategy.
The five new corridors are expected to attract substantial Chinese investment, potentially bringing billions of dollars into Pakistan’s economy. This influx of capital is anticipated to create numerous job opportunities, boost local industries, and improve infrastructure in key regions of the country. The projects also aim to enhance regional connectivity, benefiting not only Pakistan and China but also neighbouring countries by facilitating trade and economic activity.
The SIFC’s involvement is intended to expedite the implementation of these projects by providing a single-window operation for investors, addressing concerns over delays and inefficiencies in previous initiatives. The Council is expected to play a pivotal role in coordinating between various government departments and ensuring that the projects are completed on time and within budget.