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Posted by / 12-May-2016 08:31

Both sides have decided to further enhance mutual connectivity and both sides are connected to develop the long term plan for a China-Pakistan economic corridor.

President Asif Ali Zardari and Chinese Premier Li Keqiang witnessed the signing ceremony as the representatives of the two countries inked the documents at a ceremony held at the Aiwan-e-Sadr.

Plans for a corridor stretching from the Chinese border to Pakistan's deep water ports on the Arabian Sea date back to the 1950s, and motivated construction of the Karakoram Highway beginning in 1959.

Chinese interest in Pakistan's deep-water harbour at Gwadar had been rekindled by 1998 and in 2002 China began construction at Gwadar port which was completed in 2006.

It can be said that if CPEC is materialized according to the plan, it would exceed all the foreign direct investment in Pakistan since 1970 and would be equivalent to the 17-percent of 2015's gross direct product.

From the initial value of -billion, China is going to invest .79 billion in energy sector of Pakistan to curb the energy short-fall in the country which has now become one of the main reasons of economic descent.

.19 billion would be spent in transport sector including 1,240 km Karachi-Lahore motorway which is a six lane high speed corridor and orchestrating upgrades to public transportation, including metro and bus service, in six cities, including Lahore Karachi and Rawalpindi.

Asif Ali Zardari invited heads of all the political parties to a Luncheon in honour of the Chinese Premier Li Keqiang at the Aiwan-e-Sadr on .

Chinese Premier Li Keqiang and the Pakistani President Asif Ali Zardari have agreed to build an economic corridor between the two countries.

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