CPEC is poised to play a pivotal role in uplifting Pakistan’s marginalized communities, as well as boosting the country’s economic growth and regional security, stated Zafar Iqbal, Vice President of the Pakistan China Joint Chamber of Commerce and Industry (PCJCCI), during a meeting held at his office.
According to a statement by PCJCCI today, Iqbal described CPEC as a model of collaboration, partnership, connectivity, and shared prosperity. He emphasized the potential for high levels of industrial and agricultural cooperation, particularly through Special Economic Zones (SEZs), which are expected to enhance business-to-business collaboration. The government is reportedly working to ensure a smooth transition to the second phase of CPEC, which aims to promote socio-economic development in marginalized regions.
Iqbal highlighted the challenges Pakistan faces, including poverty and inflation, exacerbated by the 4.3% global economic contraction in 2020, as reported by the World Bank’s Global Economic Prospects. He underscored CPEC’s role as the principal vehicle for strengthening bilateral ties between Pakistan and China during this period of renewed engagement.
He noted China’s ongoing transformation into a “New Economy,” poised for global influence through innovation and economic initiatives. To benefit from this transformation, Team CPEC is focused on mobilizing resources for timely implementation of CPEC projects in Pakistan. This involves prioritizing the population of SEZs and encouraging private sector participation, while reducing risks and promoting complementary policies.
In conclusion, Iqbal stressed the importance of continuity in government policies, labor productivity, and addressing the cost of land and utility provisions. These are considered key challenges, and the government is actively working on initiatives to address them, ensuring the success of CPEC’s second phase.