Pakistan and China on Thursday agreed to execute the Mainline-1 (ML-1) railway project at an estimated cost of $10 billion, sources reported. The Joint Coordination Committee (JCC) also decided to undertake business-to-business deals under the China-Pakistan Economic Corridor (CPEC).
Pakistan will also request for the rollover of deposits and rescheduling of its $27 billion debt. During the meeting, Pakistan assured China of taking several initiatives for the security of Chinese working under CPEC projects. Both sides have agreed to expand their cooperation in information technology. Chinese companies will establish research centres in Pakistan to explore new avenues in this sector.
Pakistan and China held the 11th JCC meeting virtually but both sides could not sign the minutes of the meeting. The minutes of the meeting will be signed during the upcoming visit of Prime Minister Shehbaz Sharif. He along with a high-powered delegation, will be visiting China from November 1, 2022.
At a conference held in Islamabad, several additional projects were suggested as both sides expressed satisfaction with the CPEC projects that are currently underway. The Planning Minister Ahsan Iqbal, and Vice Chairman National Development & Reform Commission (NDRC), co-chaired the meeting, China, Lin Nianxiu.
