21 January 2004	Wednesday	28 Ziqa'ad 1424

KARACHI, Jan 20: China is extending cooperation to the Pakistan government in various mega projects, including the Gwadar Deep Sea Port. A major part of the work on phase I undertaken by a Chinese company has been proceeding smoothly and will be completed by the end of 2004. This was stated by Chinese Consul General, Sun Chunye while addressing industrialists of the Korangi Association of Trade and Industry (KATI) the other day, says a press release issued by the Consulate General.

Mr Sun Chunye further informed the gathering that during President Musharraf's official visit to China in 2003, China and Pakistan had signed a number of MoUs for promoting further cooperation in the fields of economy, culture, education, science and technology on the basis of the excellent political relations that both countries have been enjoying for decades. China had also agreed to providing $500 million of buyer's preferential credit to Pakistan. Both governments were now in the process of discussing how to use the credit.

He said that in recent years, economic and trade cooperation between the two countries was speeding up. The volume of bilateral trade in 2002 had reached $1.8 billion and in 2003 it had mounted to $2 billion. The Saindak Project, Gwadar project and the OP-II of KPT were doing well. China had sent a team of over 100 technicians to the Thal Coal Field to carry out a feasibility study. All these showed that China and Pakistan were increasing their economic cooperation.