CPEC lays solid foundation for Pakistan’s economic growth, say experts during a seminar.
The China-Pakistan Economic Corridor (CPEC) has established a strong foundation for Pakistan’s sustainable economic growth, contributing to its socio-economic progress and overall prosperity, according to Pakistani experts and officials on Thursday.
During the first phase of CPEC, a key component of China’s Belt and Road Initiative, several infrastructure and energy projects have significantly transformed Pakistan’s economic landscape. Experts highlighted these developments at a seminar on CPEC, organized by the Institute of Regional Studies (IRS), an Islamabad-based think tank.
Haroon Sharif, former minister of state and chairman of Pakistan’s Board of Investment, emphasized that CPEC is often perceived as either a geopolitical shift or a large-scale infrastructure initiative. However, he clarified that it is fundamentally an economic development strategy centered on connectivity.
He explained that an economic corridor serves as a link between key economic hubs, concentrating substantial resources and business activities within a defined geographical area. In addition to connectivity, he stressed the importance of trade expansion and private sector engagement for sustainable growth.
Discussing the establishment of special economic zones under CPEC to promote industrialization, Sharif noted that beyond infrastructure, a well-defined policy framework, effective governance, and adequate financing are essential for their success.
“Economic zones can only flourish with joint ventures, investor-friendly policies, and structured governance models that attract businesses,” he added.
Sharif further asserted that in the second phase of CPEC, Pakistan and China should prioritize a market-driven approach, allowing private investors and enterprises to take the lead rather than relying solely on government-to-government collaborations.
Speaking at the seminar, Jauhar Saleem, president of the IRS, described CPEC as a transformative initiative for Pakistan, helping to establish strategic partnerships and drive critical infrastructure and energy projects.
Over the past decade, Pakistan has attracted over 25 billion U.S. dollars in direct investment through CPEC. Experts at the seminar emphasized that strengthening industrial cooperation with China is vital for accelerating industrialization, modernization, and export growth.
Additionally, participants called for broader regional collaboration among China, Pakistan, and neighboring countries to fully leverage the second phase of CPEC, ensuring it becomes a sustained driver of economic prosperity for Pakistan.
Related Posts
