However, both sides have so far been unable to make progress on the much-delayed multibillion-dollar project of Mainline-1 (ML-1) despite making efforts, as the financing agreement has not yet been firmed up yet.
Pakistan’s federal cabinet has also granted approval for signing of much-awaited industrial cooperation between the two countries under China-Pakistan Economic Corridor (CPEC).
“Pakistani authorities are expecting that the ongoing visit of PM Imran Khan will pave the way for boosting bilateral relations and minimum size of cooperation will be over $10 billion,” official sources confirmed to The News on Friday.
While the parties are proactively promoting, facilitating and executing the long-term industrial development plan, the CPEC is a framework of regional connectivity, infrastructure development, and industrial cooperation which will not only benefit the parties but also have a positive impact in the region.
China has advantages and expertise in technology, financing, and industrial capacity, while Pakistan enjoys favourable conditions in natural resources, adequate labour manpower, quality infrastructure, access to the international markets and optimal policies for industrial development, the report said.