The China-Pakistan Economic Corridor will become a game-changer for Pakistan's economy, said Aqeel Karim Dhedhi, in an address as the key note speaker during a lecture held by the Rice Exporters Association of Pakistan on Wednesday. "CPEC is a good dream and we can make it better for our country. It will become a game-changer for our country's economy," he added.
However, he said that, it will take time that Pakistani business community will be able to get benefit of this project, as in the transition period they will face many challenges. He said that the government was imposing a regularity duty and taking other steps to save foreign exchange to cover the trade deficit. However, smuggling will increase with higher duties on imports, and it will also hurt the economy.
Dhedhi said that in the context of CPEC, Pak-China friendship will become stronger in all segment, particularly in the economic field. He said that, some countries like India, America and Israel are keeping an eye on CPEC and its related projects. He suggested a proper platform for the business community, which should discuss their problems with government authorities. Business community can also use the platforms of the chambers of commerce or the FPCCI, because the currently government is listening to their suggestions, he added.
In a welcome address, Rafique Suleman, senior vice chairman of REAP, said that the current fiscal year is showing positive growth in rice exports and said he was hopeful that Pakistan will achieve $2 billion target this year. He said that CPEC will bring revolutionary economic changes in Pakistan and China will also get many benefits from this project. However, we feel that Pakistan is being watched with an evil eye after CPEC, he added.
In this regard, he said that Pakistan must sign a defence agreements with China in the context of CPEC, under which both of countries will stand side by side if anyone hurts one country. Chaudhry Samee Ullah, chairman of REAP, said that Pakistani basmati rice is facing severe challenges. He called for an industry status for the rice export trade.
Abdul Rahim Janoo, ex-chairman of REAP, said in his speech that the rice export trade is the only sector which has shown tremendous growth in the past decade and achieved a $2 billion mark, starting from $300 million. However, due to the tough competition in the international market and the financial crunch, this sector has become stagnant and the Government of Pakistan must support the second-largest earner of valuable foreign exchange for the country.