Beijing: Chinese experts have said that the continued strengthening of cooperation in the China-Pakistan Economic Corridor (CPEC) under the Belt and Road Initiative (BRI) is poised to generate greater economic growth in Pakistan. It will also create new market potential for Chinese companies.
The statement was made by China and Pakistan recently at the inauguration of five new corridors under the CPEC, while Pakistani officials said they would revive cooperation under the BRI framework to boost the stagnant economy.
The five new corridors identified for the second phase of CPEC include Growth Corridor, Economic Development Project Corridor, Innovation Corridor, Green Corridor and Inter-Regional Connectivity Corridor.
Federal Minister Ahsan Iqbal in a high-level meeting highlighted the revival of the project in Gwadar and the newly launched corridor program as the latest progress in CPEC, marking the milestone of Pakistan-China friendship and establishment of bilateral basis. partnership.
China-Pakistan economic cooperation is increasing in various sectors. The next phase of bilateral relations is expected to focus on agricultural technology, infrastructure modernization and rapid fire projects, Liu Xiaoxue, a researcher at the National Strategy Institute of the Chinese Academy of Social Sciences, told the Global Times.
At a time of intensifying global challenges, the importance of strengthening regional cooperation, especially between Pakistan and China’s western region, is increasing for both countries. Liu said that the long-standing technical exchanges and trade cooperation between the two sides are expected to deepen.
CPEC acts as the main flagship project in the framework of BRI. Launched in 2013, CPEC has played an important role in solving the root problems hindering Pakistan’s development. It has significantly improved Pakistan’s infrastructure and industrialization, leading to sustainable economic and social development.
Official data shows that by the end of 2022, a cumulative 236,000 jobs have been created in Pakistan and helped to add 510 kilometers of highways, 8,000 megawatts of electricity generation capacity and 886 kilometers of main transmission network in Pakistan.
Liu said the BRI not only promotes economic cooperation between China and Pakistan, but also attracts international attention and global business opportunities to Pakistan, especially in sectors such as agriculture, manufacturing and new energy.
Iqbal announced that Pakistan’s Prime Minister Shehbaz Sharif, who was elected for a second consecutive term in March and has been trying to restore China-Pakistan economic cooperation for the past two years, will visit China soon.
On May 15, Chinese Foreign Minister Wang Yi, in a meeting with Foreign Minister Muhammad Ishaq Dar, said that China aims to improve CPEC while helping Pakistan to improve economic development, improve people’s lives and promote green development.
Both parties agreed to intensify efforts to strengthen cooperation in industry, agriculture, mining, new energy, information technology and other fields. Wang said existing major connectivity projects should be developed to facilitate Pakistan’s development and unlock its geographical advantages.
