ISLAMABAD: China-Pakistan Economic Corridor (CPEC) is an economic destiny for Pakistan as it is not only a project but the future of the country’s economy, according to Minister for planning, Development and Special Initiatives Ahsan Iqbal.
Minister said that CPEC was the biggest and most effective deal between Pakistan and China. CPEC is called a game-changer project, largely for Pakistan and reasonably for China. CPEC consists of various trade routes from Gwadar, Pakistan, to Kashgar, China, different economic and industrial zones, electric power plants, and fibre cable connection projects.
The minister said that the infrastructure phase of CPEC was almost over. “We are moving towards the industrial phase of CPEC. Pakistan and China are friends forever. China has always supported Pakistan in difficult times,” he added.
He said that China came forward and made investments worth billions of dollars under CPEC when no one in the world was ready to invest even a single penny in Pakistan. He said that the pace of work on the CPEC projects was being accelerated for their early completion. He appreciated China’s model of economic development and said that the achievements made by China over the last few decades were remarkable and Pakistan should learn from them.
Ahsan Iqbal said that Pakistan needed to maintain political stability, continuity of policies and rule of law to complete the CPEC projects timely. “The solar panels provided by China to Pakistan for special economic zones under CPEC will help the industries to overcome the energy crisis. It will bring industrial development and boost the national economy,” he added.
About the progress made on the CPEC schemes, he said that Chinese companies, the business community and the Chinese government were striving to make the mega project a success so that both China and Pakistan could get the shared economic gains.
Dr Amanat Ali, a development economist at Quaid-i-Azam University, Islamabad, told WealthPK that CPEC was highly important for the economic stability of Pakistan.
“CPEC can give many economic benefits to Pakistan. The foremost advantage is the huge investment in Pakistan via CPEC projects, which is around $64 billion,” he added.
He said that the expectation level of both countries for the future was very high. China’s seaports cover only the eastern and southern parts of the country, while its western and central parts have no easy access to seaports. –INP
CPEC can be termed a game-changer project because it has the potential to help Pakistan in resolving the issues related to the economy, social wellbeing and geopolitics.
Work on the CPEC projects has been expedited. Out of nine special economic zones, five are ready to become operational.
