ISLAMABAD: The government of Pakistan has shown optimism that projects under the China-Pakistan Economic Corridor (CPEC) will be completed successfully despite a little delay due to the outbreak of the Covid-19 pandemic, WealthPK reports.
Work on several projects under CPEC was delayed due to the pandemic that led to the global shutdown. Few CPEC schemes including ML-I and Karachi Circular Rail (KCR) saw a complete halt of work, while work was slowed down on the Gwadar International Airport and Gwadar coal power plant.
However, Special Assistant to Prime Minister on CPEC Zafaruddin Mahmood showed optimism about the successful completion of the projects.
“The prime minister is also working on payments to Chinese independent power producers and finding a long-term solution to the issue. He has visited Gwadar twice to show his support for CPEC and the Chinese companies working in Pakistan. Indeed, there is still some scepticism in Pakistan based on the experience of last few years, but that must be fought against,” he said.
“I believe that some projects under the CPEC like ML-1 and KCR will be revived in the near future. A meeting of the Joint Cooperation Committee is expected to be held within the next two months after a long time. I can say that sincere and genuine efforts are being made and the initiative will regain the lost momentum,” he said.
The SAPM said that interest on the government-to-government debt was less than two percent, considering the large number of grants provided to Pakistan by China. “China has developed Gwadar deep seaport at a cost of $198 million by spending its own money. Likewise, it is establishing an international airport in Gwadar at a cost of $250 million besides several other socio-economic projects undertaken across the country,” he told WealthPK.
He acknowledged the existence of some problems but said that economic activities would be started after the Gwadar airport was made operational, which would create enormous job opportunities for the local population.
“Chinese investors are also developing the Gwadar Free Industrial Zone, which has been delayed due to our failure to finalise an incentive package for the investors,” he said. The availability of water and electricity is also a major issue. The Chinese investors have set up a food processing unit, a marble refinery and a fish processing factory in Gwadar. This indicates the success of CPEC projects that will help Pakistan to steer its economy out of the current crisis.
-INP
