Experts on Sunday said that the China-Pakistan Economic Corridor (CPEC) was playing a key role in transforming the development landscape of Pakistan with the launch of several multi-billion-dollar projects. Talking to APP in connection with the completion of 10 years signing of CPEC, the experts opined that the mega project helped Pakistan making progress in the region and the world.
The experts said the country, during the last one decade has ushered in a new era of development with the completion of hundreds of projects under the umbrella of CPEC, which included coal-fired power plants, the Orange Line mass transit project, and road infrastructure. Dr. Nadeem Javaid Chief Economist and PD CPEC said that it was worth welcoming that the synergistic convergence of President Xi’s Belt and Road Initiative and former Prime Minister Nawaz Sharif’s vision is going to transform Pakistan into an Asian tiger by 2025.
This collective vision aimed to shift the nation’s focus from geopolitics to geo-economics, harnessing Pakistan’s strategic location as a crossroads between South Asia, Central Asia, China, and the Middle East, he said. The goal was to establish Pakistan as a regional hub for trade, commerce, manufacturing, and agriculture, he said, adding that the CPEC is all about a story of hard work and untiring commitment between the leadership of Pakistan and China.
Through industrial diversification, the long-term economic development of any country is dependent upon its productive material capabilities and the types of products which it produces for exports. To a query Nadeem said that even, South-East Asian countries are now gradually moving up the industrial ladder and have developed capabilities for production of more complex and sophisticated products, which are much in demand in the global markets.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) former President Mian Nasser Hyatt Magoo told APP that in the prevailing situation, industrialisation has the potential to become a dynamic engine of economic growth for the country, adding that it would help make significant contributions to meeting Pakistan’s economic and human development goals. Regarding development of industrial sector and Vision-2025, he said that Pakistan’s economic planning and policies should be formulated under a long-term productive development vision and modern technology capabilities in the sectors where there is a high scope of diversification and innovation, which would be attractive for the investors.
He appreciated the incumbent government for announcing the main pillars of GDP growth for the next fiscal year, including exports, construction, industries, agriculture, IT, poultry and foreign remittances. In terms of geo-economic growth and regional connectivity, China-Pakistan Economic Corridor (CPEC) is also a blessing for Pakistan’s extensive industrial revitalisation, as well as for other regional countries in South Asia, he remarked. .
Small and Medium Enterprises Development Authority (SMEDA) Chief Executive Officer (CEO) Hashim Raza, while commending the vision and efforts of Prime Minister Muhammad Shehbaz Sharif, told APP that an effective policy amid the prevailing situation. He said it is good omen that the government came up with an immediate planning on swift work on CPEC which will further boost up and save both the industry and the worker.
Hashim Raza lauded the government for boosting exports and industrial production to a considerable level. Through industrial diversification, the long-term economic development of any country is dependent upon its productive material capabilities and the types of products which it produces for exports.
Even, South-East Asian countries are now gradually moving up the industrial ladder and have developed capabilities for production of more complex and sophisticated products, which are much in demand in the global markets, he added. It is worth mentioning here that federal Minister for Planning Development & Special Initiatives, Ahsan Iqbal in his recent media brief has said that after the consistent efforts of the federal government, the fruitful results of the China Pakistan Economic Corridor CPEC in (CPEC) projects particularly in Gwadar can be seen visibly from 2022 to till date 637,124 metric ton cargo have been landed in Gwadar which is high as compared to 2018 -2021 which was only 166,207 metric ton.
Minister Ahsan Iqbal lauded the swift completion of delayed projects within one year under Prime Minister Shahbaz Sharif’s leadership. Notably, he highlighted the resolution of unrest in Gwadar by addressing issues of electricity and water. Through the construction of dams and desalination plants, Gwadar is now self-sufficient in water for the foreseeable future. Additionally, the transmission of electricity projects, as well as the connection of Gwadar with Iran and national-grade projects, were successfully completed within a year. The minister emphasized that such accomplishments demonstrated the previous neglect of CPEC and the urgent need for attention.
He expressed optimism regarding recent efforts to restore confidence among Chinese companies and address economic challenges faced by these enterprises. The Lahore Chambers of Commerce and Industry (FPCCI) president Kashif Anwar appreciated China’s unwavering support during Pakistan’s economic crisis, highlighting the exceptional relationship between the two countries.
He lamented that the infrastructural loss during the last regime is irreparable, adding that CPEC stands as a game-changer project in the region, poised to revolutionize various sectors, create new opportunities for Pakistani youth, and solidify Pakistan’s place on the global stage. Meanwhile it may be mentioned here that Prime Minister Muhammad Shehbaz Sharif on Wednesday said that the last ten years were an inspirational story of how President Xi Jinping’s vision of “Iron Brotherhood” converted into the completion of projects under the China-Pakistan Economic Corridor (CPEC) framework.
On his Twitter handle, the prime minister also praised the leadership role of his Quaid (former prime minister) Mian Nawaz Sharif in this regard. “I am witness to how he oversaw the project implementation in energy & infrastructure sectors, spending hours on fine-tuning the details, reviewing progress & ensuring timelines,” he added.
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