On this auspicious day of October 1st, we extend heartfelt greetings to China to prosper and grow with all conceivable measures and in all possible directions. This article is written to celebrate the birth of a great Nation-China and the gift of great nation to its Friend-Pakistan. Olympia (Private) Limited was conceived with a vision to enhance the possibilities of better job opportunities for Pakistan.
This dream was translated into reality with ceaseless support of our Chinese Partners who left no stone unturned in supporting Olympia (Private) Limited in its cause. Chinese business community and Olympia (Private) Limited enjoy a relationship expanded over the period of more than two decades by setting unprecedented standards for the local market in Power & Energy Sector, Textile Machinery and Raw Textile Material. Prospects of exploring the potential between Olympia (Private) Limited and China is even higher when we deal with the commencement of CPEC. Olympia (Private) Limited is a classic case study to accentuate the thriving partnership between the two nations in the framework of CPEC.
Following the birth of CPEC, the People's Republic of China and the Islamic Republic of Pakistan have entered into an unassailable lead of economic growth. Propinquity between the two extends beyond a border of 520 Kilometer as China furnished Pakistan an unprecedented opportunity to strengthen its economy through China-Pakistan Economic Corridor (CPEC). The fact that Chinese investment will be equal to all foreign direct investment in Pakistan since 1970 is self-explanatory to understand the budgetary volume and strategic significance of the project. This economic corridor would result in 700,000 direct jobs between 2015-2030 and amounts to 2.5 percentage to the country's yearly growth rate. Such promising results of CPEC would strengthen the solidarity of the relationship between China and Pakistan despite the cultural, religious, and systematic vicissitudes of governments on both sides.
Unfolding the future of CPEC in a retrospective manner would entail how Pakistan has been actively pursuing a policy of ameliorating the regional economic cooperation of South and East Asian Economies. Recollecting from the recent past, in 2002, Olympia (Private) Limited first envisaged to focus heavily on East Asia and in particular China to promote trade and investment with the region. However, this vision necessitated the framing of stronger trade ties with the East Asian economies, in addition to cherishing diplomatic ties with the rest of the world. In 2003, a pleasant coincidence on the part of governments China-Pakistan free trade agreement (FTA) entered into force in 2007. Both sides committed to increasing their bilateral trade to around USD 20.23 billion over the next three years. For instance, Olympia (Private) Limited secured to relocate 56MW of Used HFO Power Plants from China to Pakistan.
Government on both sides further committed to accelerating the ongoing discussions on supplementing FTA with an intense focus on broadening the prospects of banking industry in the backdrop of Pakistan-China agreement on trade during Premier Li Keqiang visit of 2013.
The idea of China Pakistan Economic Corridor was first incepted in 2013 when it was projected by the Chinese Premier Li Keqiang during his visit to Pakistan. Both countries settled for joint working group under National Reforms and Development Commission of China and Ministry of Planning, Reforms and Development of Pakistan under the able leadership of Mr Ahsan Iqbal. This initiative was advanced by a series of projects out of which most substantial was to link Kashgar, (Xinjiang Province of China) with south-western port of Gwadar (Baluchistan Province of Pakistan). Chinese President Xi Jinping; on his historic visit to Pakistan in 2015 from 20th-21st April in nine years, signed the Memorandum of Understanding worth 28 Billion USD for the opening chapter of the CPEC to edifice a multi-dimensional network of 46 Billion USD towards its completion. The CPEC is the communiqué of Beijing's wide-ranging 'One Belt One Road' ingenuity to honour its time-tested relationship with Pakistan.
Today, Pakistan stands to reaching an all-time high of 269.97 USD Billion in 2015 as reported by the World Bank Group. The connection between CPEC and GDP is critical and indispensable to establish as we represent the 0.44 percent Gross Domestic Product (GDP) of world economy. Early results of the CPEC can be determined by the fact that the GDP in Pakistan averaged 63.30 USD Billion from 1960 until 2015. This milestone can be further highlighted and complemented if contextualized and compared globally. We are the 25th largest economy in the world in purchasing power parity (PPP), and stand as 38th largest in terms of nominal gross domestic product. All credits to CPEC, despite being a developing country, Pakistan is one of the next Eleven-the eleven countries that along with the BRICS, have a latent potential to transform into one of the world's large economies of the 21st century. If CPEC is consummated in letter and spirit on both sides of the border, by the end of 2024 we will be close to the GDPs of world's leading economies, if not surpassing them.
CPEC is already bearing fruits for Pakistan's Economy as we are not on slide any longer. On this National Day of China, we need to venerate how trade corridor (henceforth the CPEC) fixes economic agents along a defined geography for both China and Pakistan. It delivers connectivity between economic hubs, usually centered along the strip where large gratuity of economic resources and economic agents are centralised. What cannot be ignored is the fact that modern day economic corridors are collaterally linked to innumerable factors leading to a progressive evaluation of a planning process which typically is inclusive of monitoring existing conditions, forecasting future population in tandem with employment progress and classifying major growth outlets. The efforts which Olympia (Private) Limited has been making in its individual capacity can now be a taken up at a national level in the form of CPEC.
China Pakistan Economic Corridor (CPEC) is laden with the responsibility to identify current and projected future transport needs and postulating multiple projects and strategies to address such needs. In this context, For Olympia (Private) Limited, there can't be a better and more rewarding time to evaluate and prioritise potential improvement projects and strategies other than the ongoing developing phase of CPEC. We are developing long-range plans begetting short-range lineups zooming in specific capital ventures and operational measures. For example, we need to understand the most significant edifice of 'multimodal transport network' and the "relocation of both human and technical resources from China to Pakistan" with the help of quality infrastructure, logistics, distribution networks that link production clusters, urban centers, and international portals. An enabling policy framework is indispensable to ease out the complexity of such networks with non-tariff measures to facilitate trade.
In this processes of complicated yet rewarding networks, China encourages economic growth by taking away infrastructure bottlenecks, cultivating access to markets, stimulating trade and investment to augment productivity and efficiency. Olympia (Private) Limited is keen on taking up all such measures which would result in associated webbed externalities and agglomeration impacts for Pakistan. For instance, if calculated in depth, the most rewarding externalities of CPEC is of inclusive growth by escalating economic prospects in thwarted regions of Pakistan and annexing them with urban areas of production and invention clusters. Olympia (Private) Limited is resourceful enough to respond to such geographical challenges with positive and promising results owing to its well-established relationship with China.
Fifty-one agreements and memoranda of understanding of CPEC on Chinese investments have been inked with a spirit to transcend sheer economic figures and to brace the tenacious bond between the two great nations which stood the test of time for decades. True friends are not who help when you need but those who preempt those moment in which you are left helpless. CPEC is one such pre-emptive measure to secure the economic future of Pakistan. This initiative is impregnated with the potential to fundamentally alter South Asia's economy and geopolitics with Pak-China's decisive role in it. Keeping in view the substantial experience of trade and carrying out the EPC projects in Power & Energy and Textile (machinery and raw materials) sectors, Olympia (Private) Limited can play an instrumental role on this route to success for both countries.
Maqsood Ahmad Naz is a businessman with a vision to maximize the potential of CPEC by bringing home the opportunities of joint ventures and relocation of resources from China to Pakistan. Olympia (Private) Limited is the result of his ceaseless efforts in amplifying the potential of Pak-China relationship through EPC and relevant trade in Power & Energy sector. Olympia (Private) Limited is a fully equipped one-stop solution for engineering, designing, installation, and commissioning with a top-notch lead in the market.
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