China plans investment of USD 1 bn in development projects in Pakistan: reports

Islamabad: Ambassador of China to Pakistan, Yao Jing has announced that Beijing has planned to invest USD 1 billion in development projects in Islamabad, reported NDTV.

He made the announcement while addressing the Islamabad Women's Chamber of Commerce and Industry (IWCCI) on Saturday, The Express Tribune reported.

Apart from this, Jing also said that the rapidity of development under the China-Pakistan Economic Corridor (CPEC) was satisfactory and the second phase of the China-Pakistan Free Trade Agreement (CPFTA) will be finalised in October after which 90 pc of all Pakistani exports including agricultural products and seafood will attract 0 pc import duty.

"Market access will increase Pakistan's exports by USD 500 million, which will reduce the disparity between bilateral trade," Jing said.

The envoy also commented that Chinese businesswomen would be invited to participate in the fifth Islamabad Expo scheduled in November to explore the market and promote networking.

"In addition, women entrepreneurs of Pakistan would be sent to China to participate in the expos and explore business opportunities," he added.