Research and Development International (RANDI) : China and Pakistan launch economic corridor plan worth $46bn

Highlights:

  • According to reports, Pakistan and China would launch a joint think tank named Research and Development International (RANDI).
  • Chinese president Xi Jinping  is on a two-day state visit to Pakistan.
  • He has signed a number of important agreements and MoUs worth $46 billion the centrepiece of which is a Pakistan-China Economic Corridor between Pakistan's southern Gwadar port on the Arabian Sea and China's western Xinjiang region.
  • The two countries are set to cooperate in gas, coal, and solar energy projects to provide 16,400 megawatts of electricity - roughly equivalent to the country’s entire current capacity.
  • During the day, Pakistan and China signed 51 agreements in a number of areas including infrastructure development to energy.
  • The Chinese president was also awarded the country's highest civilian honour, the "Nishan-e-Pakistan".
  • It will enable China to create a shorter and cheaper route for trade with other countries.
  • Mr. Xi is the first Chinese head of state to visit Islamabad since 2006.