Expanding the Belt and Road Initiative with PM Shehbaz's Vision
During the recent Shanghai Cooperation Organisation (SCO) summit held in Islamabad, Pakistan's Prime Minister Shahbaz Sharif emphasized the need to expand China’s Belt and Road Initiative (BRI) to bolster regional cooperation. Speaking at the heads of government meeting, attended by officials from 11 countries, including major players like China, Russia, and India, he urged that the initiative should focus on enhancing road, rail, and digital infrastructure to foster better integration across the region.
P.c. China Pakistan Economic Corridor
The BRI, a $1 trillion plan initiated by China, aims to create global infrastructure and energy networks, linking Asia with Africa and Europe. Since its launch, over 150 countries have joined the initiative, making it a cornerstone for international collaboration. Prime Minister Sharif highlighted that the China-Pakistan Economic Corridor (CPEC), an integral part of the BRI, has attracted significant investment from Beijing, facilitating the development of critical infrastructure such as road networks, ports, and airports in Pakistan.
Furthermore, Sharif pointed out that with 40% of the world’s population residing in the SCO member states, enhancing cooperation through CPEC is pivotal for economic growth. He also proposed a special development funding mechanism to support these initiatives. The summit is notably significant for Pakistan, marking its highest-profile event in years, with the attendance of seven prime ministers, including Chinese Premier Li Qiang.
The meeting also featured a speech by India's External Affairs Minister Subrahmanyam Jaishankar, who acknowledged Pakistan's leadership in the SCO and expressed India's commitment to regional cooperation, contingent on mutual respect and territorial integrity. Jaishankar stressed that addressing issues such as terrorism and extremism is crucial for promoting trade and connectivity among the member states.