ISLAMABAD: Chairman Senate Syed Yousaf Raza Gillani has said that the China Pakistan Economic Corridor (CPEC) has become a catalyst not only for investment but also for technology transfer, skill development and knowledge sharing between the two friendly nations.
He was speaking at the launching ceremony of CCCPK (formerly All-Pakistan Chinese Enterprises’ Association APCEA) ‘Sustainable Development Report 2023 of the Chinese Chamber of Commerce’ co-organized by the Sustainable Development Policy Institute (SDPI) here at the Pakistan Institute. for the Parliamentary Services (PIPS) Hall.
The report was presented by Senate President Syed Yousaf Raza Gillani, Adviser to the Chinese Minister, Yang Guangyuan, Prime Minister’s Climate Change Coordinator, Romina Khurshid Alam, and CCCPK Chairman, Wang Huihua.
Syed Yousaf Raza Gillani said that Pakistan had faced many testing periods while the perseverance and patience of its masses had created stories of resilience based on stories of resilient and successful men and women who faced all challenges.
He said that CPEC is a non-partisan program in Pakistan as all its opposition parties support the government in it. The Pakistan People’s Party (PPP) was the first under the leadership of then President Asif Ali Zardari to pave the way for the launch of CPEC.
Moreover, the successive governments of Pakistan Muslim League-Nawaz (PML-N), Pakistan Democratic Movement (PDM) and the current government have shown extreme commitment to CPEC, he added. He said that the Government of Pakistan is aware of the challenges faced by Chinese companies and people working on various projects under CPEC and is ensuring safe security for Chinese citizens.
Gillani informed that bureaucratic processes have been streamlined and institutions similar to the Special Investment Facilitation Council (SIFC) have been developed to expedite various projects under the second phase of CPEC or CPEC2.0.
“CPEC has created 155,000 skilled and unskilled jobs in Pakistan for the local masses. However, the singing of the MoU for the second phase of CPEC underlines the continued cooperation in industrial development, green energy initiatives, low carbon development and other areas,” the Senate President said.
CPEC 2.0, he said, will upgrade and introduce a renewed focus on industrialization, sustainability and inclusiveness.
“Pakistan commends President Xi Jinping’s commitment and funding of $100 billion for Greening BRI for green development. Chinese banks play a vital role in greening CPEC projects, which are crucial for development and environmental protection. Both countries are eager for collaborative green initiatives such as green bonds, concessional financing and the Just Energy Transition Partnership (JETPS). I urge the Chinese to work out a solution to improve access to these financial instruments and start all economic transactions in Chinese RMB instead of USD,” Gillani said.
The Senate President emphasized that the development transition under CPEC should prioritize wealth creation and human development, while fostering public-private partnerships can help achieve this key objective.
Adviser to Chinese Minister Yang Guangyuan called the occasion an opportunity to express China’s belief in Pakistan’s bright future. He observed that within three months of the inauguration of the new government, all economic indicators had improved significantly. Annual inflation slowed to 18%, a two-year low, and IT exports saw a remarkable 62% increase, he added.
“CPEC has entered the second phase. To turn our vision into reality, we need new ideas, new approaches and new players. When we talk about attracting new investors, we should remember that the success of existing investors is the best advertisement for Pakistan. Yang added that Chinese companies are growing in Pakistan, while 300 projects have been implemented by hundreds of Chinese companies employing about 40,000 Pakistani people in various projects.
Federal Minister for Planning, Development and Special Initiatives, Prof. Ahsan Iqbal, said that CPEC is the vision of shared prosperity envisioned by the leadership of Chima and Pakistan. He said that the second phase of CPEC will bring more prosperity and development not only to the country but also to the region.
Speaking on the occasion, Romina Khurshid Alam, Prime Minister’s Coordinator for Climate Change and Environment Coordination, said that CPEC is a strategic manifestation of the “Belt and Road Initiative (BRI)” while the initiative has yielded substantial results ensuring development around the world. .
She pointed out that the Chinese have developed new green financing instruments such as green bonds, loans, insurance, carbon financing, leasing, bridging loans, which have great potential for Pakistan to explore green financing options.
The 2023 Belt and Road Forum highlighted the need to develop green initiatives and China’s leading role in green financing through a massive increase in green loans, leasing, bonds and concessional financing that are ready in this regard, she added. .
“Public-private partnerships and innovative financial instruments will play a key role in the energy transformation effort. However, Pakistan’s climate diplomacy efforts have been harmonized with sustainable development and environmental sustainability to turn challenges into opportunities,” said Romina Khurshid.
In his opening speech, CCCPK Chairman Wang Huihua thanked the partners and contributors to the third sustainable development report launched by CCCPK.
He said that Chinese enterprises have been committed to sustainable development in Pakistan during the development of CPEC, focusing on the development of local communities.
Wang noted that the completion of the first phase of the CPEC projects and the development of the Gwadar port is proof of China’s commitment to mutually beneficial efforts.
He also mentioned various projects developed by Chinese companies under CPEC, including cooperation on Chashma Nuclear Power Project, Pakistan National Optic Fiber Development Project and China Mobile Pakistan Skill Training and Biomedical and Health Facilities at Sandik.
Energy and Economic Expert from SDPI, Dr Khalid Waleed in his welcome remarks said that this was a key partnership between CCCPK and SDPI while both organizations were strategizing for transition from CPEC1.0 to CPEC2.0 as CPEC2.0 requires more focused per person. approaches to capital utilization in the first phase of CPEC.
He informed that SDPI is working on multi-regional linkages and has a dedicated China Study Center and Green CPEC Alliance where Pakistan China Institute (PCI), PRIED and others with the help of CCCPK have worked to promote B2B and G2G arrangements under CPEC2.0. . The Chinese representatives also presented souvenirs to the dignitaries at the end of the opening ceremony.
