Pakistan, China have more potential to strengthen bilateral cooperation: President Xi

Elias Hubbard
May 13, 2017

Speaking at a press conference ahead of his visit to China and attendance of the Belt and Road International Cooperation Forum in Beijing, Erdogan said that the initiative proposed by Chinese President Xi Jinping in 2013 is "highly significant and historic, aiming at establishing a comprehensive infrastructure, transportation, investment, energy and trade network", Xinhua reported.

In a step which could see India put under tremendous pressure, the United States of America has made a decision to take a U-Turn from its initial position and is set to participate in China's One Belt, One Road (OBOR) initiative, being organised in Bejing.

The event opens Sunday and will be attended by 27 countries. The US and a number of other western countries have either skipped the summit or deputed officials to attend it.

"Although Indian leader is not here, India will have a representative", Wang had told journalists here on April 17 without specifying who would be representing India.

India's worries over a 3,000 km long project connecting Pakistan's deep-water port Gwadar and China s Xinjiang stem from the fact Gwadar, which was taken over by the Chinese, will become a future naval base.

A number of other countries, including South Korea, France, Germany and United Kingdom, have deputed either ministerial or official delegations.

In his remarks, Prime Minister Nawaz Sharif said that Pakistan stood with China for promotion of Chinese initiative of One Belt and One Road. While federal ministers, Adviser to PM on Foreign Affairs, Sartaj Aziz and chief ministers of Sindh, Punjab, Khyber-Pakhtunkhwa (K-P) and Balochistan were also present.

Earlier, the Prime Minister held meeting with his Chinese counterpart. Reports have claimed that the country may be represented by junior embassy level officials. An important part of the OBOR project is the CPEC corridor, which has brought $46 billion worth investment to Pakistan.

On financing, Ning said China Development Bank and the Export-Import Bank of China have extended Dollars 110 billion in loans for Belt and Road projects by the end of 2016 and China has signed currency swap deals with countries along the Belt and Road routes totalling 900 billion yuan.

Other reports by Click Lancashire

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