CPEC Emerges as Most Successful, Important Project for Pakistan
ISLAMABAD: According to an official, the China-Pakistan Economic Corridor (CPEC) has proven to be Pakistan’s most successful and transformative initiative, ushering in a new era of regional connectivity and economic prosperity.
Within just three years of the project’s start in 2013, China overtook the United States as Pakistan’s largest foreign direct investor, according to Pakistan’s Minister for Planning and Development Ahsan Iqbal.
The Islamabad Policy Research Institute, a think tank, hosted the event, “China-Pakistan Economic Corridor at Ten: A Gateway to Regional Connectivity,” where he delivered his comments.
Read More: CPEC: PM Shehbaz lays foundation of Islamabad Economic Zone
Through the execution of the multi-billion dollar project, the minister claimed that China has emerged as one of Pakistan’s most important trading partners.
CPEC, which he described as a game-changer for Pakistan and beyond, has helped Pakistan overcome serious energy shortages by adding thousands of megawatts of electricity and creating a dynamic road and rail infrastructure throughout the nation, according to him.
In order to promote socioeconomic growth, he continued, the country has also built special economic zones (SEZs) and social welfare programmes, particularly in the southwest Gwadar district.
Iqbal emphasized the importance of SEZs in promoting trade and promised that China would give Pakistan the technological know-how and knowledge needed to expand exports and ensure the smooth operation of the economic zones established as part of the CPEC project.
Read More: CPEC 2013-23: Path to Economic Uplift
The minister stated that Pakistan seeks Chinese support to boost exports and ensure the development of SEZs.
He claimed that business-to-business interaction, not government-to-government, is what the second phase of CPEC entails. “Under CPEC, the nation must now advance towards industrial cooperation.”
Iqbal emphasized the significance of having surplus production of various products to improve the country’s exports in his statement that Pakistan required export-oriented policies if it wished to have sustainable economic growth.
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