August 14, 2002	Wednesday	Jamadi-us-Saani 4, 1423

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ISLAMABAD, Aug 13: Pakistan is in the process of upgrading its railway tracks to maximize the speed of trains to reduce the travelling time.

This was disclosed in a meeting by federal finance minister Shaukat Aziz with the assistant minister of foreign trade and economic cooperation of the People’s Republic of China, Mr Ziaowel, according to an official announcement here on Tuesday.

The minister recalled that Chinese assistance three years ago to revitalise railways sector, which was ignored since a decade, at a time when Pakistan faced financial difficulties indicated Chinese resolve to support government’s efforts of economic revival through far-reaching financial and administrative reforms.

He said Chinese role in economic recovery of Pakistan in testing times was crucial. Since then, Pakistan’s railway service had improved considerably, he added.

Shaukat Aziz informed his Chinese guest that Chinese assistance in the development of Gwadar Port was a source of encouragement and symbol of Pakistan-China friendship.

He hoped that Chinese assistance in development of rolling stock and their financing through Chinese Exim Bank would have far-reaching impact on development of infrastructure in Pakistan.

The minister said that the bilateral annual trade in a calendar year between the People’s Republic of China and Pakistan since last two years had increased to $1.4 billion.

In this regard, the Chinese minister said that China was capable of offering Pakistan locomotives and rolling stock, which could move at the speed of 160 to 200 kilometres.

He further said that China was developing its railways based on its geographic conditions. It was encouraging electric driven locomotive in the mountain areas, as in the long run it would be cost-effective.

Mr Ziaowel was leading the first-ever official delegation of the Ministry of Railways of the People’s Republic of China.