Islamabad: The 5th meeting of Joint Working Group (JWG) on Industrial Cooperation (IC) under China Pakistan Economic Corridor (CPEC) was held via video conference here on Tuesday, 15th December 2020. The meeting was co-chaired by Mr. Khashih-ur-Rehman, Additional Secretary/Executive Director General, Board of Investment (BOI) and Mr. Ying Xiong, Director General, National Development & Reform Commission (NDRC), People’s Republic of China. Officials from line ministries, provincial governments, and embassies attended the meeting.Mr. Khashih-ur-Rehman, Additional Secretary/EDG BOI expressed that elevation of the Memorandum of Understanding (MoU), on Industrial Cooperation (IC) between Pakistan and China, into a comprehensive framework would create new avenues for strengthening industrial cooperation under CPEC which is also open to third party participation The Project Director of Project Management Unit (PMUC-CPEC-ICDP) on Industrial Cooperation of BOI, Mr. Asim Ayub appreciated the Chinese side for accepting the Draft Framework Agreement shared by the Pakistani side in early November 2020. He commented that early signing of the Framework Agreement on IC would help to achieve maximum objectives of CPEC in line with its Long-Term Plan. Immense efforts have been ensured by the Pakistani side to devise the Draft Framework, taking all the provinces and other stakeholders on board and final approval of the Honorable Prime Minister was also obtained accordingly. He stressed that a Framework Agreement is need of the hour for a measurable impact with regards to Industrial Cooperation, SEZs, Business to Business (B2B) and People to People (P2P) collaboration. The Project Director of PMU, BOI on Industrial Cooperation further accentuated that Pakistan highly regards the idea of Industrial Diagnosis by the Chinese side and extended its highest support to the group of experts from CIECC for the Textile Industrial Diagnosis last year. However, he was of the view that the Industrial Diagnosis needs to be carried out in a joint manner involving experts from both sides who may submit the Diagnosis Report to the JWG along with an Action Plan that would be imperative for the respective industrial sector. The Chinese side appreciated the efforts undertaken by the Pakistani side to elevate the MoU on industrial cooperation into a Framework for an increased cooperation under CPEC and agreed to continue consultation for its signing at the earliest. The Chinese side also appreciated the idea of joint industrial diagnostic studies followed by an action plan.While concluding the meeting, Additional Secretary BOI stated that it is the right time to resume the activities with mutual consensus in due course for which the Pakistani side will ensure all out support. He also requested the Chinese side to arrange industrial visits of Pakistani delegations to provide them with firsthand experience of successful industrial models in China.The meeting also discussed progress made on Rashakai, Dhabeji, Alama Iqbal Industrial City and Bostan SEZs under CPEC, the revival project of Pakistan Steel Mill, China Pakistan Young Workers Exchange and Cooperation, and Karachi Coastal Comprehensive Development Zone.