Chinese diplomat, Shi Yuanqiang highlights CPEC’s decade of transformation at a seminar highlight Pakistan as a destination for investments.
Shi Yuanqiang, the Deputy Chief of Mission at the Chinese Embassy, mentioned on Monday that the China-Pakistan Economic Corridor (CPEC) has greatly transformed Pakistan, positioning it as an attractive destination for direct foreign investment.
Speaking at the seminar titled ‘10 Years of CPEC: Success, Opportunities, and Challenges,’ organized by the Asian Institute of Eco-civilization Research and Development (AIERD), Shi Yuanqiang highlighted the $25 billion in direct investment brought by CPEC over the last 11 years, with the initiative entering a new phase of growth.
Since its inception, CPEC has undergone a remarkable evolution. The “1+4” construction plan set by President Xi Jinping and Pakistani leaders has successfully turned into a tangible reality with numerous achievements. Energy collaboration has seen impressive outcomes, with 14 energy projects contributing to about 1/5 of Pakistan’s total power capacity. The SK Hydropower Station’s units are now generating electricity, integrated into the national grid.
The Orange Line project has fulfilled Lahore’s long-held dream of having a subway system. The year-round opening of the Khunjerab Pass will facilitate consistent economic and trade exchanges between Pakistan and China. The construction of Gwadar Port and its associated industrial free zone is advancing, and the completion of the Gwadar New International Airport will significantly boost the port’s development potential. Industrial cooperation also holds promise, with the Rashakai Special Economic Zone’s first phase operational and stimulating industrial growth in Pakistan.
Jamil Qureshi, Secretary of the Special Investment Facilitation Council (SIFC), noted that CPEC began as a vision ten years ago and has now transformed into a reality, reshaping Pakistan’s economic landscape. He emphasized that CPEC is not merely an infrastructure project but a vision for a prosperous future where industries thrive, technology drives growth, and employment opportunities flourish.
Qureshi stressed that unlocking CPEC’s full potential requires fostering a vibrant industrial ecosystem and advancing special economic zones. He expressed satisfaction at the development progress of key zones, such as Rashakai SEZ in Khyber Pakhtunkhwa, Dhabeji SEZ in Sindh, M3 Allama Iqbal in Punjab, and Bostan SEZ in Balochistan.
Qureshi further explained that the government’s role has shifted to that of a facilitator, focusing on developing policies, security infrastructure, and providing incentives to support industrial growth and create a favorable business environment.
To facilitate business and investment, the government established the Special Investment Facilitation Council (SIFC), which fosters both horizontal and vertical collaboration. Zahid Latif Khan, AIERD Chairman, highlighted the 40% stake the three Chinese stock exchanges had acquired in the Pakistan Stock Exchange in 2016. He also mentioned a recent high-level delegation visit to China aimed at furthering collaboration in capital market development.
Khan also pointed out that CPEC provides a unique opportunity for Pakistan to enhance its financial market by introducing innovative financial instruments, such as CPEC bonds and Islamic Sukuk, to attract both local and international investors.
Yu Chao from PowerChina emphasized that CPEC is not only a successful infrastructure initiative but also a symbol of deepening bilateral relations between China and Pakistan, aimed at bringing long-term prosperity to the entire region.
RCCI President Usman Shaukat underlined the need to harness the potential of CPEC projects. He mentioned that the Gwadar International Airport would improve connectivity, making the region more accessible. However, he also called for greater collaboration between Pakistan and China’s industries, particularly in the pharmaceutical sector, noting the potential for API industry projects under CPEC to bring technological advancements to Pakistan.
Retired Major General Samrez Salik stated that CPEC is a crucial element of the Belt and Road Initiative (BRI). He emphasized that Pakistan’s historical geopolitical role makes security a key factor for unlocking CPEC’s full potential, specifically for safeguarding Chinese personnel and projects.
Nabila Jaffar discussed the gender aspect of CPEC, stressing that the active participation of women is vital to the success of the initiative. She mentioned that CPEC projects, such as the Thar coal mine power project and the vocational institute in Gwadar, have economically empowered women in remote areas by providing employment and skill development opportunities.
In response, scholar Hassan Daud Butt highlighted that CPEC is one of the few projects in Pakistan where women’s participation is higher than in other regions, especially in the Hindu-majority Thar region. He stressed the importance of understanding how CPEC can contribute to industrial growth and economic development, using China as an example of rapid development.
Hamza Orakzai, CMDO STZA, pointed out that special economic zones are key to Pakistan’s economic growth. He highlighted the significant growth of Pakistan’s IT sector, with exports rising from $900 million in 2018 to $3.2 billion last year, and the potential for further expansion, especially with China’s leadership in global technological innovations.
Journalist Aun Sahi observed that the media in Pakistan follows a Western philosophy, which contrasts with China’s approach to media. He noted that in the early stages of CPEC, there was no clear communication plan to engage the media effectively about CPEC projects.
Shakeel Ahmad Ramay, CEO of AIERD, concluded the seminar by referencing a study that showed Pakistan would have lost $15-20 billion annually without CPEC’s energy projects. He emphasized that CPEC has positioned Pakistan as a hub of connectivity, contributing significantly to the country’s path toward sustainable development and prosperity. Ramay also called for strengthened joint security mechanisms between Pakistan and China.
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