Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, expressed his optimism about starting the much-anticipated ML-1 project this year, with China’s support. ML-1 is a multi-billion-dollar railway line project connecting Karachi and Peshawar.
After facing delays over the past four years, Iqbal assured that the government is now actively pursuing the project with determination. “We are hopeful that this project will start this year,” stated the minister following a special meeting of the 12th Joint Cooperation Committee (JCC) of the China-Pakistan Economic Corridor (CPEC) held in Beijing.
Highlighting the significance of the project, Iqbal emphasised that the railway track linking north and south Pakistan had suffered significant damage during last year’s floods. The ML-1 project aims to repair and upgrade the track, estimated to cost around $10 billion.
Iqbal also mentioned the fast-tracking of the Karachi Circular Railway, a mass transit project for Karachi, Pakistan’s largest city.
The minister hailed the 12th JCC meeting as historic, marking a decade of the CPEC. He praised CPEC for attracting over $25 billion worth of investments in Pakistan, helping the country overcome its energy crisis. Iqbal highlighted the installation of more than 8,000MW of power projects, the development of modern highways and motorways, improved connectivity, and the transformation of Gwadar into a strategic port city.
He emphasised that CPEC has had a positive impact on the livelihoods of the Pakistani people, creating nearly 200,000 job opportunities and resolving the energy crisis. Iqbal also highlighted the socio-economic projects undertaken in remote areas, such as Thar, which have led to improved infrastructure, education, and healthcare facilities.
Looking ahead to the next phase of CPEC, Iqbal emphasised the shift from government-to-government cooperation to business-to-business collaboration. He highlighted investment opportunities in agriculture, agro-based industries, value addition, livestock, meat industry, mining, and solar energy.
Published in The Express Tribune, July 15th, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
1725612926-0/Tribune-Pic-(8)1725612926-0-165x106.webp "article")
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ