Boost Expected for CPEC in Pakistan’s Economic Corridor

ISLAMABAD: Minister for Planning and Development, Ahsan Iqbal, shared on Sunday that Pakistan is optimistic about the rapid advancement of the China-Pakistan Economic Corridor (CPEC) during its second phase (2030), following the visit of China’s Vice Premier, He Lifeng.

Minister Ahsan Iqbal Expects Speedy Progress in CPEC’s Next Phase

During a press conference, the minister highlighted the significant role played by He Lifeng as Chairman of the National Development Reform Commission (NDRC) in ensuring CPEC’s success. Pakistan warmly welcomed the Chinese Vice Premier’s visit, as he has now been appointed to oversee Chinese economic affairs.

The government aims to promote business-to-business cooperation in the upcoming phase of CPEC. It also plans to boost industrialization by attracting investments to the country and increase agricultural productivity through the application of Chinese technology. Furthermore, the focus will be on developing information technology and uplifting the socio-economic sector in the next phase of CPEC.

Ahsan Iqbal acknowledged that there is complete agreement on the scope and technical parameters of the ML-1 phase, and it is expected to begin soon. He also mentioned that certain projects faced cost increases due to delays, mismanagement, and global inflation over the last four years.

CPEC has been a game-changer for Pakistan, shifting the country’s image from a security state to an attractive investment destination. Projects worth $25 billion were undertaken and successfully implemented between 2015 and 2018. These included energy projects, such as coal, hydel, and renewable energy, significantly increasing the power generation capacity by more than 8000 MW. Additionally, CPEC facilitated the development of Thar coal and improved infrastructure, including motorways, roads, and the Gwadar Port.

The present government emphasizes the importance of Gwadar, which was somewhat neglected in the past. Various development projects have been undertaken to make Gwadar a central gateway for CPEC, including the completion of a water project, ensuring electricity supply from Iran, and improving port infrastructure.

The minister also expressed concerns about circular debt and emphasized the need to address the issue to prevent tariff increases and stabilize the energy sector.

Overall, CPEC has strengthened the relationship between China and Pakistan, and both countries continue to work towards mutual benefits. The Chinese Vice Premier’s participation in the upcoming ten-year celebration of CPEC highlights the close partnership between the two nations.