ISLAMABAD: President Dr Arif Alvi has promulgated an Ordinance to provide for establishment of the China Pakistan Economic Corridor (CPEC) Authority.
The ordinance promulgated by the president on October 5 in exercise of his powers under clause (1) of Article 89 of the Constitution will be called the “China Pakistan Economic Corridor Authority Ordinance 2019”.
The ordinance extends to the whole of Pakistan. Section 1 of the Ordinance shall come into force at once and other provisions shall come into force on such date as the prime minister may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions.
The establishment of CPEC Authority was aimed at accelerating the pace of CPEC related activities, find new drivers of growth, unlock the potential of interlinked production network and global value chains through regional and global connectivity.
On Monday, Foreign Minister Shah Mahmood Qureshi rejected the opposition’s claims about slowdown of CPEC projects, saying the two countries were moving towards the second phase of the mega project.
He said Pakistan and China were satisfied over the progress on CPEC projects. He said Prime Minister Imran Khan was would hold meetings with Chinese president and his counterpart as well as heads of different companies, who were interested for investment in Pakistan.
Qureshi said that Chinese president was also paying a visit to India within next few days, adding that China and Pakistan wanted to consult on different issues before the visit. He said the two friendly countries enjoyed deep-rooted relations and had an unprecedented association.