CPEC is significant for Pakistan as it will lead to rapid economic growth of the country and also enhance regional security stated by Moazzam Ghurki, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) during a meeting held today at PCJCCI Secretariat.  He labels CPEC as a “model of collaboration, partnership, connectivity and shared prosperity” promising high levels of industrial and agriculture cooperation. He talks about the significance of SEZs in enhancing B2B collaboration, while the government is working to ensure smooth transition towards second phase of CPEC which will lead to socio-economic uplift of marginalized areas. President PCJCCI further added that according to the World Bank’s Global Economic Prospects report, the global economy probably shrank by 4.3% in 2020 due to the pandemic of Covid19 and financial crisis. The challenges for Pakistan are multiple as they struggle to eliminate poverty, bring economic growth due to hike in inflation rate. 

CPEC is now the principal vehicle for the pursuit of bilateral ties at renewed and heightened ebb of engagement. Fang Yulong, Senior Vice President PCJCCI said that, China’s next transformation is well under way, and a “New Economy” is emerging, all set to make global impact through innovations and economic initiatives leveraging its demographic and economic diversity. In order to accrue the benefits of this transformation, Team CPEC has to now mobilize all resources for accomplishing the daunting task of timely implementation of CPEC projects in Pakistan, which will further lead towards a true inclusive growth.  This time the focus of CPEC will be on populating the priority SEZs through industrial cooperation which is entering vital stage with immediate steps required to encourage private sector participation and creating enabling environment reducing risks and promoting complementary policies.

Hamza Khalid, Vice President PCJCCI stressed that in the second phase of CPEC, the government is gearing up to lift marginalized areas of Pakistan and promising greater regional integration. It was suggested that continuity of policies, productivity of labor, and cost of land and provision of utilities are the key bottlenecks which are being addressed through various initiatives of the government. Salahuddin Hanif, Secretary General PCJCCI added that Of course, there are many challenges ahead and in the face of such challenges, we will need to work together in partnership and across a range of fronts through a pragmatic joint action plan that will require hard work.

Credit: Independent News Pakistan (INP) — Pak-China