CPEC transformed Pakistan into attractive investment destination: minister

Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Wednesday said Pakistan would have been on the brink of collapse had it not been for China Pakistan Economic Corridor (CPEC), which turned it into an attractive investment destination.

He was speaking at a seminar titled, ‘CPEC 2.0: Prospects and Challenges’ organised by the Institute of Regional Studies (IRS). The event focused on CPEC, its second phase as well as the emerging opportunities.

Senator Mushahid Hussain Syed, Minister Counsellor at the Chinese embassy Yang Nuo, economist Dr Ashfaque Hasan Khan, diplomats, academicians and researchers also attended the seminar.

Mr Iqbal said the strong bond of trust and shared vision that existed between China and Pakistan enabled them to overcome initial challenges.

Second phase to generate new momentum for development, Chinese official says

“Now as we enter the second phase of CPEC, the focus will be on industrial collaboration, regional connectivity and socioeconomic development,” he said.

The minister went on to say that peace, political stability, continuity of policies and “unity as one nation and one team” were necessary for the success of CPEC.

“CPEC 2.0 aims to enhance technologies, create job opportunities and ensure food security through agricultural mechanisation,” he said, adding that “as we embark on this journey, it represents a critical opportunity for Pakistan to build a brighter future for generations to come”.

Speaking on the occasion, Senator Mushahid Hussain Syed said the centre of power was shifting from the West to the East.

China is becoming a scientific superpower, contributing 40pc of research in Artificial Intelligence (AI) and establishing top-ranking universities, he said.

Senator Syed said China’s diplomacy and role in the world had also broadened, adding that Beijing viewed its relationship with Islamabad as a strategic long-term partnership based on mutual trust and cooperation.

He also spoke about attempts made by hostile elements who wanted to sabotage CPEC.

Yang Nuo said the second phase of CPEC was poised to generate new momentum for Pakistan’s development, building on the project’s success over the past 11 years, which had attracted $25 billion in investments and transformed the country’s economic and social landscape.

“Chinese President Xi Jinping and Pakistani leaders have reached a consensus on advancing integration and enhancing Pakistan’s economic and social development through the second phase of CPEC,” Yang Nuo said.

“Joint efforts would focus on developing Special Economic Zones (SEZs), accelerating project implementation and increasing Pakistan’s agricultural exports to China,” he added. This, he said, would contribute to both China’s modernisation and Pakistan’s growth.

Principal and Dean of Social Sciences and Humanities at Nust Dr Ashfaque Hassan Khan said CPEC was a comprehensive project that aimed at promoting connectivity, regional cooperation and integration.

“Its success is reflected through the participation of over 150 countries and 40 international institutions, underscoring its potential as a regional initiative,” Dr Khan said.

An academician from Fudan University, Prof Zhang Jiadong, emphasised on the importance of dispelling propaganda regarding Chinese companies and focusing on frameworks to create more jobs and business opportunities.

Associate Professor at Bahria University Dr Hasan Daud Butt said urban-rural synergy was crucial for the success of CPEC Phase 2.0, citing the example of Hakla-D.I. Khan Road as an illustration of this synergy.

Executive Director of the Pakistan Research Centre for a Community with Shared Future Khalid Taimur Akram said Pakistan should explore other regional corridors and their integration with CPEC to promote regional connectivity and leverage its role as a regional hub for trade and connections, aligning with the 5Es framework of development.

Earlier, in his welcome remarks, IRS President Ambassador Jauhar Saleem said the all-weather strategic cooperative partnership between Pakistan and China had reached new heights with the launch of CPEC 2.0, which focused on high-quality development, technological innovation and sustainable growth.

“CPEC 2.0 offers great opportunities for job creation, youth empowerment and economic growth, provided security and institutional challenges were addressed to ensure productive investments,” he said.