Monitoring Desk
BEIJING: Pakistan’s Federal Minister for Planning, Development and Reform Ahsan Iqbal has said that China’s ‘Belt and Road Initiative’ (BRI) is aligned with the development strategy and national interests of Pakistan.
“Not only has the initiative boosted Pakistan’s economy and living standards of the people through China-Pakistan Economic Corridor (CPEC), but it also will help Pakistan in contributing to improved connectivity of economic powers in South Asia and Central Asia, making the region the future of the global economy.
Ahsan said CPEC was a fusion of Pakistan’s Vision 2025 and China’s BRI initiative. It brought investment in Pakistan to the sectors that were crippling the national economy as China’s all-weather strategic partner and direct beneficiary of the mega BRI project; Pakistan’s energy, technology, infrastructure, and industrial sectors have all fetched advantages since the start of CPEC project.
BRI and Pakistan’s economy
“Over 5,000-megawatt new power generation was installed when Pakistan was facing acute energy shortages. CPEC also contributes to constructing new modern infrastructure, such as the M-5 Sukkur-Multan Motorway, the Gwadar East Bay Expressway, and the Hakla-D.I. Khan Motorway.
“Similarly, CPEC project has laid a new information highway between China and Pakistan via fiber optic cable, which will help improve digital infrastructure of Pakistan”, the minister said.
He added that the second phase of CPEC project addressed the challenge of developing Pakistan into an industrial economy by establishing special economic zones and deepening government-to-government cooperation.
“This year, China will celebrate the 10th anniversary of its flagship BRI project. Pakistan, like other participants, believes that the basic reason for the strong resilience and vitality of the ‘Belt and Road’ initiative is that it is being collectively built in accordance with the historical trend of economic globalization,” the minister added.
“When CPEC started, Pakistan launched Vision 2025, declaring regional connectivity as one of Pakistan’s primary growth drivers. The minister predicted that they would see greater regional integration after CPEC project is completed,” Ahsan predicted. “We can create shared prosperity for more than 3 billion people in this region by improving connectivity within South Asia, Central Asia, and China.”
