Planning Minister Makhdoom Khusro Bakhtiyar has expressed his commitment to elevating the China-Pakistan Economic Corridor (CPEC) to new heights in the coming days. Speaking at a press conference in Islamabad, he dispelled any misconceptions that CPEC projects had encountered obstacles, emphasizing that all corridor projects remain on track and well-organized. In the energy sector, he highlighted the construction of approximately 4,300 megawatts of projects and the planning of an additional 2,500 megawatts.
Minister Bakhtiyar attributed the success of CPEC to the concessional agreement of 2016, which has attracted 19 Chinese companies willing to invest in Gwadar. Notably, a 300-megawatt electricity project in Gwadar has been completed, and efforts are underway to establish grid connectivity for uninterrupted power supply.
Moreover, he mentioned the inauguration of Gwadar airport earlier in the year and the finalization of the Gwadar Master Plan in collaboration with the Balochistan Government. To address Pakistan's energy needs, Bakhtiyar disclosed ongoing negotiations with China for affordable electricity solutions, including the construction of the Bunji Dam with a 7,000-megawatt capacity.
Shifting focus to the steel sector, the Minister underscored the government's commitment to boosting domestic production, aiming to reduce the current $2 billion import bill. Pakistan's steel production currently stands at four million tons, falling short of the nine million tons required to support a growing economy. Bakhtiyar proposed seeking China's cooperation to expand Pakistan Steel Mills' capacity from one million to three million tons, a move expected to reduce the steel import bill significantly.
In the oil and gas sector, negotiations with China are underway to enhance Pakistan's refinery capacity, potentially saving up to $1.5 billion in import costs. Additionally, a land-based Liquefied Natural Gas project is being proposed to increase gas production capacity to one billion cubic feet.
Minister Bakhtiyar revealed the government's plans to complete the eastern corridor of CPEC by year-end, with ongoing work on the western route. The long-delayed ML-1 project, aimed at revitalizing Pakistan's railways network, will also be formally revisited with Chinese authorities.
In the agriculture sector, formal negotiations are set to begin on a comprehensive framework, featuring $200 million worth of business-to-business cooperation projects. The framework includes the development of fisheries and shrimp farming along the coastal belt.
Emphasizing industrial incentives, the Minister highlighted the government's focus on making special economic zones operational. A business council has been established to facilitate joint ventures with China, ultimately bolstering Pakistan's industrial landscape. Bakhtiyar stressed the importance of technology transfer from China to Pakistan.
He also mentioned Prime Minister Imran Khan's forthcoming visit to China, during which he will advocate for science, technology transfer, and human development. Seven pilot projects are currently underway in various regions, including all provinces, the federal capital, Azad Kashmir, and Gilgit-Baltistan, under the CPEC umbrella.
The Planning Minister emphasized that progress continues in all sectors, with a joint working group scheduled to convene in October and the CPEC's Joint Cooperation Committee (JCC) meeting expected in November. He underscored that CPEC is not only a partnership between Pakistan and China but also a vital instrument for connectivity spanning from Central Asia through Afghanistan and on to Russia.