Karachi, October 23, 2020 (PPI-OT):President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said the affect of coronavirus on Belt and Road Initiative (BRI) and CPEC is temporary.
Presently the world has access liquidity while interest rates are low which can be used by Pakistan and other developing countries to benefit from it, he said. Mian Zahid Hussain said that the countries opposing BRI and CPEC are fighting a lost war in which they will never succeed therefore they should also consider becoming a part of the biggest project of the century.
Talking to the business community, the veteran business leader said that some economic powers are worried that this project will trigger the shifting of power from west to east and it will multiply the influence of China. The project will link billions of people are helping them come out of poverty as around 125 countries and 40 international associations have become part of this project while others are weighing options.
Despite best efforts of the forces opposing this project it is being accepted which indicate the inclination of countries to adopt the Chinese economic model for rapid development. Developing countries are of the opinion that the western economic system is based on exploitation which has trigger poverty and conflicts and forces many nations to allocate 30 to 40 percent of their budget for loan repayments.
The western loans has not helped nations but enslaved which is the reason behind the popularity of the Chinese model. He said that Pakistan should bank on the opportunity, improve its struggling economy and adopt a clear strategic stance to benefit from the opportunity as hundreds of billions of dollars are being spent on the initiative. Pakistan should frustrate the desire of western nations to make India a dominant power in the region and it should not annoy a tested friend like China at any cost, he said.
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