BRI Sparks Economic Transformation: Pakistan's Minister Declares End to Power Outages
In a groundbreaking announcement, Commerce and Industry Minister Dr Gohar Ejaz revealed that the initial phase of the Belt and Road Initiative (BRI) has successfully eradicated power outages, paving the way for surplus electricity generation and setting the stage for industrialization in Pakistan.
During a meeting with Chinese Exim Bank President Ren Shengjun in Beijing, Dr Ejaz commended the upcoming BRI phase, emphasizing private-sector cooperation. He lauded Pakistan’s Special Investment Facilitation Council (SIFC) for swiftly overcoming hurdles and expediting projects. Dr Ejaz also disclosed plans for establishing Special Economic Zones (SEZs) in Karachi, Lahore, Multan, and Faisalabad, equipped to foster industrial growth.
P.c. China-Pakistan Economic Corridor
To boost exports resulting from increased industrial activities, Pakistan is actively negotiating market access agreements with regional countries and exploring transit trade arrangements, particularly along the Karachi route. This route holds potential for industrial development and official trade in RMB with Russia and other nations.
Dr Ejaz announced the formation of the Pakistan Corporate Consortium (PCC), a collaboration of ten leading business houses aiming to partner with Chinese investors for joint ventures. Seeking Exim Bank’s support in relocating industries to Pakistan, he expressed optimism about the country becoming China’s hub for productivity and development.
Exim Bank President Ren Shengjun echoed the sentiment, expressing his desire for Pakistan to become a focal point for Chinese productivity and development. He highlighted the opportune time to seize these prospects, commending the progress of CPEC and the positive impact of infrastructure development on connectivity and foreign trade.
Revealing that Exim Bank had completed internal processes for debt restructuring, Mr Shengjun emphasized the potential for transactions in RMB, enhancing trade relations. He praised the PCC as a promising mechanism for driving private investment.
In an interactive session in Beijing, over 200 Chinese and Pakistani business leaders gathered to explore the potential of CPEC. Dr Gohar Ejaz, along with Energy Minister Muhammad Ali and Planning Minister Muhammad Sami Saeed, provided a platform for Pakistani businessmen to share success stories and experiences in doing business with their Chinese counterparts.
Business leaders expressed interest in capitalizing on CPEC's potential, focusing on key sectors like infrastructure development, energy, trade, and technology. Dr Ejaz emphasized the historical ties between the two nations and their commitment to building a stronger future together, highlighting ongoing discussions on collaboration in various sectors. Ambassador Moinul Haque expressed optimism about enhanced economic collaboration, translating strong political ties into tangible outcomes.