ISLAMABAD: The government has stated that the China-Pakistan Economic Corridor (CPEC) has transformed decades’ old Pak-China strategic relations into economic relations that would also be beneficial for the entire region.

This was stated by Minister for Information and Broadcasting Shibli Faraz and Minister for Science and Technology Fawad Chaudhry, while speaking at a seminar, “CPEC Challenges and Opportunities” on Wednesday.

The Minister for Science and Technology, Fawad Chaudhry, said that the CPEC had been in Pakistan discourse in some way since 2004-2005, and the project had transformed strategic relations of decades’ old – 1962 – with China into economic relations.

The minister said that after the completion of the first phase successfully, the real second phase had started now, and the present government had added two new pillars namely agriculture and science and technology in the second phase of the CPEC.

We are also in talks with the Chinese authorities trying to persuade them to shift their solar manufacturing panel in Pakistan, and this is the kind of shift Pakistan is looking for in science and technology.

Minister for Information Shibli Faraz, while speaking as the chief guest at the seminar, stated that the CPEC was a win-win project of both China and Pakistan’s, and important for development of the entire region.

The CPEC, the minister added was a flagship project of the Belt and Road Initiative (BRI), and would go a long way to further strengthen Pak-China economic relations.

The project is a game changer not only for Pakistan but also for the entire region, the minister added.

He added that Gwadar was going to become a hub of economic activities with Middle East and North Africa, and mentioned construction of road network of 2,700 kilometers, up-gradation of ML-1, power projects of 10,000 megawatts as well as $2.5 billion Gwadar-Nawabshah pipeline to transport gas from Iran as major initiatives of the CPEC.

The project is estimated to generate Rs6-8 billion in taxes, and create round 2.3 million jobs between 2015-30, the minister added.

The minister further stated that majority of the projects planned in the construction, infrastructure and energy sectors had been carried out successfully, and many were in the execution stage.

He said the second stage from 2021-25 would focus on industrialisation, agriculture, modernization, and socio-economic development.

The minister further stated that the projects in the existing and newly-established areas would enhance the capacity of Pakistan, would eventually improve the economic competitiveness of Pakistan, and emphasised the need to counter misleading and negative propaganda against the project.

The benefits of the CPEC will reach the grassroots level and benefit Pakistan’s population, added the minister.

Deputy Speaker National Assembly Qasim Suri and others also spoke at the seminar.

Copyright Business Recorder, 2020