MoU to resolve Karachi infrastructure issues

ISLAMABAD:

The Board of Investment (BOI), as convener of the Joint Working Group (JWG) on Industrial Cooperation under the China-Pakistan Economic Corridor (CPEC), has facilitated the signing of a memorandum of understanding (MoU) between Karachi Port Trust and China Road and Bridge Corporation on the Karachi Comprehensive Coastal Development Zone (KCCDZ) project, stated BOI Secretary Fareena Mazhar. The MoU will pave the way for resolution of infrastructure issues in Karachi, besides fostering maritime development and providing job opportunities through the generation of sustainable economic activity based on transfer of technology to the maritime industry. Consensus was reached to make the KCCDZ project part of the CPEC framework during fifth meeting of the JWG on Industrial Cooperation on December 15, 2020. The meeting was co-convened by the BOI and the National Development and Reform Commission of China. She expressed these views during the 10th meeting of the Joint Cooperation Committee (JCC) of CPEC on Thursday, wherein it was also agreed by Pakistan and China that the draft framework agreement on industrial cooperation under CPEC would be finalised and signed before the next JCC meeting.

Published in The Express Tribune, September 24^th, 2021.

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