According to Minister for Planning, Development, and Special Initiatives Ahsan Iqbal, the China-Pakistan Economic Corridor (CPEC), a centrepiece project of the Belt and Road Initiative, has been essential in bolstering and modernising Pakistan’s infrastructure.
According to a statement issued by Pakistan’s Ministry of Planning, Development, and Special Initiatives on Monday, the minister claimed that CPEC projects had advanced Pakistan’s socio-economic development.
During a meeting with representatives of Chinese businesses that took place on the sidelines of the Boao Forum for Asia Annual Conference 2023, which was held in South China’s Hainan Province.
Iqbal praised Chinese businesses for their role in the CPEC’s success and said Pakistanis would never forget how China came to their aid when the entire nation was thrown into darkness due to power shortages by implementing a number of energy projects.
The minister expressed hope that the recently proposed CPEC projects, such as the Karachi coastal comprehensive development zone project and the Karachi-Hyderabad Motorway alignment projects.
They would act as an emerging hub for Pakistani industries such as tourism, information technology, ports, shipping, and services, as well as generate thousands of new jobs for young people.
Iqbal also promised the Chinese businesses that Pakistan’s government will back them wholeheartedly in completing their investments there, statement said.
CPEC-related construction recently saw the inauguration of a brand-new coal power facility by Prime Minister Sharif. According to him, the initiative will significantly benefit Pakistan’s economy in the years to come.
“The comments made by Prime Minister Shehbaz Sharif are appreciated by China. As the prime minister stated, this project is converting the arid region of Thar into a source of energy.
For the entirety of Pakistan, benefiting the country’s economy and populace “said Mao Ning, a spokesperson for the Chinese Foreign Ministry, on March 28 during a routine press conference.
The CPEC is embodied in this project. As a significant Belt and Road Initiative flagship project, CPEC has made significant strides with positive achievements in energy cooperation.
The collaboration improved Pakistan’s energy mix and energy security while also generating a large number of jobs for the local population. China is prepared to work with Pakistan to put into practise the agreements reached between the two leaders and enhance excellent CPEC cooperation.
The economy and society of Pakistan will be given a boost, and the two nations’ peoples will gain more as a result, according to Mao.
The Pakistani minister also emphasised Pakistan and China’s unique friendship and iron brotherhood, which he described as timeless and tried-and-true.
In addition to putting ML-1 and other important energy projects first, the minister highlighted that China and Pakistan should “continue to speed efforts to realise Gwadar’s potential as a hub of regional commerce and industry.”
Because to the CPEC, China has surpassed all other countries in terms of investments and trade with Pakistan during the past ten years, and both countries want to keep up the momentum of their current and future economic and trade relations, according to Chaudhary.
“Industrial cooperation and business to business connections are envisaged for the next phase of the CPEC,” he stated.
As a long-term solution to Pakistan’s economic crisis, he also emphasised the importance of learning from Chinese experience in developing the export sector.
