Pakistan and China have accelerated efforts to push forward Phase-2 of the China-Pakistan Economic Corridor (CPEC) while laying groundwork for the establishment of a working group focused on five new economic corridors.
These corridors, namely the ‘Corridor of Job Creation,’ ‘Corridor of Innovation,’ ‘Corridor of Green Energy,’ and ‘Inclusive Regional Development,’ mark a significant expansion of bilateral economic cooperation.
Discussions between Federal Minister of Planning, Development and Special Initiatives, Ahsan Iqbal, and Chinese envoy Jiang Zaidong highlighted the commitment to expedite Phase-2 of CPEC and establish the aforementioned working group. The meeting, held at the Planning Ministry, underscored mutual enthusiasm for advancing economic ties between the two nations.
During the meeting, Chinese Ambassador Jiang Zaidong commended Ahsan Iqbal on his appointment as Planning Minister and expressed optimism about the future trajectory of CPEC. Both sides agreed on the importance of swift action in implementing Phase-2 and the necessity of the new economic corridors to promote diversified and sustainable growth.
In preparation for the upcoming Joint Coordination Committee (JCC) meeting in 2024, the Planning Ministry and the National Development and Reform Commission (NDRC) of China will develop separate concept papers outlining the roadmap for each economic corridor. These papers will be crucial in guiding future collaboration and investment decisions.
Moreover, the Planning Ministry has already initiated the implementation of the 5Es framework, focusing on Export, Energy, Equity, E-Pakistan, and Environment. Minister Iqbal outlined a strategic approach to enhance the success of Special Economic Zones (SEZs) in Pakistan, proposing a collaborative “one plus Four” model that pairs each SEZ with a Chinese province, industry group, SEZ from China, and a state-owned enterprise.
Emphasizing the importance of enhancing regional connectivity, discussions also centered on critical infrastructure projects such as the Gwadar Port and the M-8 motorway. These projects aim to bolster trade links and foster regional integration, facilitating economic growth and development.
Minister Iqbal hailed China’s industrial progress as a model for Pakistan and expressed gratitude for Chinese assistance in boosting Pakistan’s exports. He underscored the need for Pakistan to focus on increasing exports through earned foreign exchange rather than relying on borrowed funds.
In conclusion, both sides reaffirmed their commitment to the successful implementation of CPEC projects and reiterated their determination to overcome challenges, particularly those related to security. Pakistan assured the ambassador of its unwavering dedication to ensuring the safety of Chinese personnel involved in CPEC projects, underscoring the importance of security in fostering sustainable development and prosperity.
