Pakistan has finalized financial terms with China to upgrade the Main Line-1 (ML-1) railway, seen as a crucial infrastructure project as part of the China-Pakistan Economic Corridor (CPEC) which is set to transform the country's transportation sector.
Valued at 6.8 billion U.S. dollars, the ML-1 project aims to modernize Pakistan's aging infrastructure, with a primary focus on upgrading the crucial rail link connecting southern Karachi and northwestern Peshawar. This is expected to slash travel times and boost the efficient movement of passengers and cargo across the country.
The financing deal was reached at a recent CPEC meeting held just ahead of Chinese Premier Li Qiang's trip to Pakistan, where he is attending the 23rd Meeting of the Council of Heads of Government of Member States of the Shanghai Cooperation Organization (SCO) on Tuesday and Wednesday.
Launched in 2013, the CPEC, a flagship project of the China-proposed Belt and Road Initiative (BRI), is a corridor linking the Gwadar Port in southwest Pakistan's Balochistan province with Kashgar in northwest China's Xinjiang Uygur Autonomous Region, which highlights energy, transport, and industrial cooperation.
As part of Pakistan’s border connectivity strategy with Central Asia, the ML-1 upgrade is expected to strengthen the country’s internal logistics network and create new investment and trade opportunities by providing seamless rail and road access to Central Asian states through Pakistan’s northern regions.
Experts believe China's substantial investment in CPEC is helping Pakistan lay a solid economic foundation and unlock significant opportunities.
"Previously, it was only the road network that was being connected. Now, it has also been decided that the railway [network between] the SCO member states also would be connected. In that context, Pakistan's project under CPEC, the ML-1, which means 'Main Line 1' that goes from Peshawar to Karachi, is being upgraded," said Babar Amin, Pakistan's First National Coordinator for the SCO, and also former Pakistani Ambassador to Norway.
"As far as the ML-1 project is concerned, this will be a very important project signed under the SCO because I think it will be the first major project and the first major initiative undertaken by the SCO," said Dr. Uzma Siraj, head of the international relations department at the Federal Urdu University.
The project is expected to stimulate economic activity, advance regional collaboration, and expand trade opportunities between South Asia, Central Asia, and beyond, further elevating the geo-economic importance of China's Belt and Road Initiative with Pakistan serving as a key transit hub.
Pakistan seals major deal with China to upgrade key rail link under CPEC
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
