ISLAMABAD: Minister for Information and Broadcasting Shibli Faraz says China-Pakistan Economic Corridor project is a win-win project of China-Pakistan economic cooperation.

Addressing a seminar on CPEC in Islamabad on Wednesday, he said besides diversifying Chinese supply lines CPEC will prove to be catalyst for socio-economic development of Pakistan.

The Minister said CPEC is a game changer project not only for Pakistan, but also for the entire region, based on the idea of shared development. He said CPEC is a manifestation of China's special relationship with Pakistan. 

He said under this project, Gwadar is going to become a hub of economic activities with Middle East and North Africa.

He said major initiatives of CPEC include construction of road networks, extending from Gwadar Port to Khunjerab Pass, up-gradation of ML-1, power projects of 10,000 megawatts and Gwadar-Nawabshah pipeline to transport gas from Iran.

Shibli Faraz said CPEC is estimated to generate six to eight billion rupees per annum just in taxes as roads and bridges toll.

He said overall, 2.3 million jobs are expected to be created between 2015-2030, resulting in more than 2.5 percent annual rise in GDP.

The Minister said CPEC has made a remarkable progress in the first phase. He said majority of the projects planned in the construction, infrastructure and energy sectors have been carried out successfully and many are in the execution stage.

He said the second stage will further focus on industrialization, agriculture, modernization and socio-economic development.

Shibli Faraz said the projects in the existing and newly established areas will enhance the capacity of Pakistan ultimately improving the economic competitiveness of Pakistan.

He said it is dispensable to counter the negative propaganda aimed at the success of the projects and bilateral ties. He said the benefits of CPEC will reach the gross roots level and benefit Pakistan's population.

Addressing the seminar, Minister for Science and Technology Fawad Chaudhary said the CPEC has a huge future.

He said Pakistan has become an attractive market for the Chinese investors.

The Minister said that under the CPEC, eleven special economic zones are being established which will promote industrialization in the country.

He said we plan to uplift our semi-conductor industry and bring value addition to our products with the cooperation of Chinese friends.

The Minister said we have approached the Chinese companies to shift their solar panel manufacturing units to Pakistan.