ISLAMABAD: Chairman China-Pakistan Economic Corridor (CPEC) Authority Lt. General (retired) Asim Saleem Bajwa on Thursday said under phase-II of the CPEC, new Railway tracks would be constructed from Karachi to Peshawar and existing tracks will be extended, which would further improve performance of Pakistan Railways.

Addressing an agreement signing ceremony between CPEC Authority and Chines companies in Taxila, Asim Bajwa said the second phase of the CPEC would help revamp the basic infrastructure of the country.

“CPEC is fast becoming a reality and even the Covid-19 has not been able to hamper its progress. The CPEC reflects brotherly relations between both the countries,” he said.

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He said the phase-II of the mage project had been started, which would provide further investment opportunities to foreign investors in the Special Economic Zones.

The chairman CPEC Authority said the agreement would boost foreign investment in the mega project leading to prosperity in the region.

He said all the projects under phase-I, were being completed on fast track basis. He said eight energy projects had been completed while 9 projects were under completion.  He said two energy projects would also be the part of phase-II.

Asim Saleem Bajwa invited foreign entrepreneurs to invest in Special Economic Zones in Pakistan. He said foreign investment in Special Economic Zones would enhance job opportunities in the country and help increase exports and decrease imports.

“We are looking at foreign direct investment, and foreign enterprises for partnering with Pakistani firms,” he said. He said a dry port will be built in Havelian.

On this occasion, the managing director of Heavy Mechanical Complex signed a deal with six Chinese companies for rehabilitation of the mechanical complex. The deal will promote industries.