China eyes housing, construction projects
According to a statement, the delegation, representing a consortium of major construction and technology firms, discussed adopting prefabricated and modular construction techniques to enhance sustainability, reduce costs, and speed up project timelines. Yu showcased advanced housing models and proposed setting up a Dragon Mart-style commercial complex in Pakistan.
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Express Tribune
2 hours ago
- Express Tribune
ADB assesses feasibility of financing ML-1 project
Listen to article Experts from the Asian Development Bank (ADB) on Saturday inspected the Karachi to Rohri railway line, which forms a key section of the long-delayed Main Line-1 (ML-1) up-gradation project. ADB Chief Transport Planner Sangyoon Kim, accompanied by Pakistan Railways' chief engineer open lines, examined the 480-kilometre track. Senior railway officials including infrastructure specialists, divisional superintendents of Karachi and Sukkur and other representatives were also present. The ADB team is expected to meet the chief executive officer of Pakistan Railways, the additional general manager for infrastructure and Chinese experts currently working on the ML-1 project. According to officials, the ADB's fact-finding specialists are preparing a detailed report to assess the feasibility and potential of financing the Karachi-Rohri segment, which is part of the first ML-1 package. The proposed upgrading is vital not just for improving the country's railway system but also to support key economic projects. The completion of this section will ensure smoother and faster transportation of coal from Thar and easier access to strategic mineral resources like those in Reko Diq. The ML-1 project has been in the pipeline for nearly two decades. Its first feasibility report was prepared in the early 2000s but progress remained slow due to the lack of political will and consistent financial constraints. The project regained momentum after the launch of the China-Pakistan Economic Corridor (CPEC) project in 2015, when ML-1 was included as a strategic infrastructure scheme. Initially, China had shown keen interest in financing the entire ML-1 through concessionary loans. However, in later years, Beijing became hesitant, mainly due to Pakistan's worsening financial health, concerns over loan repayments and delays in other CPEC-related projects. The original ML-1 stretches over 1,872 kilometres, running from Karachi to Peshawar and passing through major cities like Hyderabad, Rohri, Multan, Lahore and Rawalpindi. It connects over 90 railway stations and has the capacity to handle more than 75% of passenger and freight traffic. Once completed, the project is expected to transform Pakistan Railways by reducing travel time by half, improving safety standards, increasing train speed up to 160 km per hour and significantly boosting freight capacity. It is expected to turn the country's outdated rail network into a modern, reliable and efficient transport system. Initially, the cost of upgrading ML-1 was estimated at around $6.8 billion. However, due to changing designs, economic instability and currency depreciation, the financial estimate has been revised multiple times. The current estimated cost is around $6.6 billion, though further changes are possible depending on scope adjustments and financing terms. China's reluctance to move forward with ML-1 financing has led Pakistan to approach other lenders, including the ADB. While the ADB has not yet committed funding for the entire project, their recent inspection and meetings indicate a strong interest in exploring different possibilities. Officials believe that if Pakistan is able to present a well-structured proposal and show improved project management capacity, the ADB may step in either fully or partially to fund initial phases. Pakistan Railways views ML-1 as a turning point for the sector's revival, but it is still unclear whether international lenders will step forward at a time when China has apparently pulled back. According to the officials, it will take some time – no one knows how much – before the ADB decides whether to finance the project or not, however, the railways at all levels is trying its best to get financing either entirely or partially, as train derailments in some sections are now becoming a routine, resulting in less passenger traffic.
Express Tribune
2 hours ago
- Express Tribune
100 agri graduates head to China for training
Listen to article A group of 100 young agricultural graduates will depart for China on Sunday under the Prime Minister's Special Capacity-Building Programme, a key step toward transforming Pakistan's agriculture sector through international learning and technology transfer. The delegation will receive training at Southwest University of Science and Technology, according to a statement by the Ministry of National Food Security and Research (MNFSR) issued on Saturday. The training is part of a larger initiative that aims to train 1,000 Pakistani agriculture graduates in top Chinese institutions. The goal is to learn from China's advanced, climate-smart, and technology-driven farming practices to improve productivity in Pakistan. A pre-departure ceremony was held today at the MNFSR to bid farewell to the group. Secretary MNFSR Amir Muhyuddin praised the graduates' enthusiasm and stressed the programme's importance. "You are the ambassadors of Pakistan's agricultural future," he said. "This is a transformational opportunity to gain knowledge and skills to uplift our farming landscape." He added that the initiative reflects the prime minister's vision to enhance the agriculture sector through international exposure and modern practices. He urged trainees to stay focused, maintain discipline, and act as goodwill ambassadors between Pakistan and China. Additional Secretary Alam Zaib, Deputy Secretary Shafqat Abbas, and other officials briefed the group on the training modules, objectives, and expected outcomes. They assured continued support during the training period. The programme was launched following the prime minister's visit to the Yangling Agricultural Technology Demonstration Base in June 2024. As per the PM's directives from November, MNFSR was tasked with implementing the programme in three batches in collaboration with HEC, MOFA, MoIT, NITB, and Pakistan's Embassy in Beijing.
Business Recorder
8 hours ago
- Business Recorder
Copper hits one-week high on Chinese buying
LONDON: Copper climbed to a more than one-week high on Friday, driven by Chinese buyers, hopes for a US-China trade deal, and higher risk appetite among other investors. Three-month copper on the London Metal Exchange gained 0.8% to $9,745 per metric ton by 1400 GMT, its strongest since July 9. LME copper has eased from its three-month peak of $10,200.50, hit on July 2, and Chinese participants are buying on dips, Marex senior base metals strategist Alastair Munro said. 'Add to that chatter on wires around a potential US-Sino trade agreement in months surprise remains on the topside.' China's commerce minister said on Friday the country, the world's biggest metals consumer, wants to bring its trade ties with the US back to a stable footing. Hopes for more metals-intensive economic support were buoyed after an official with the industry ministry said China would issue action plans to stabilise growth in the machinery, autos, and electrical equipment sectors. The most-traded copper contract on the Shanghai Futures Exchange rose 0.7% to 78,410 yuan ($10,922.74) a ton. 'LME copper stocks have been rising, mainly at its Asia warehouses as some traders may be betting on more buying by China with recent price drops,' a Shanghai-based metals analyst at a futures company said. Also supporting the market was higher risk appetite among investors in general as stock markets moved higher, and a weaker dollar. A softer dollar makes commodities priced in the greenback less expensive for buyers using other currencies. US Comex copper futures climbed 1.3% to $5.58 a lb, bringing the premium of Comex over LME copper to $2,554 a ton. Nickel was the weakest performing LME metal on rising inventories and weak demand for the metal mainly used to make stainless steel and electric vehicle batteries. It was up 0.5% to $15,170 a ton after earlier sinking into the red.
