CPEC: Paving the Way for Pakistan's Economic Expansion and Prosperity

Abdul Sami shared these thoughts during his address at the International Conference on the Construction and Development of China-Pakistan Economic Corridor, hosted by China University of Geosciences in Wuhan, as reported by China Economic Net.

He highlighted the collaborative potential between Chinese investors and the Pakistani business community, foreseeing smooth progress in the second phase of the China-Pakistan Economic Corridor. The collaboration is set to encompass a broad spectrum of industries, including automotive, marble, building materials, information technology, chemicals, textiles, and agriculture. Additionally, there are plans for extensive cooperation in fields such as fisheries, bolstering ties between small and medium-sized enterprises from both nations.

Sami emphasized China's crucial role in the sustained and rapid development of Gwadar Port, underscoring its significance within the China-Pakistan Economic Corridor framework. He expressed confidence in China's commitment to playing a pivotal role in its development, viewing it as vital support for its ongoing high-speed growth.

Moreover, Sami lauded the progress made in Gwadar, citing achievements like the Gwadar Free Trade Zone, the East Bay Expressway, the new airport, health, and education projects, as well as the city's master plan. These milestones have not only boosted local economic prosperity but have also created numerous employment opportunities for the youth in Gwadar and Balochistan.

He emphasized the Gwadar route's potential to become a major thoroughfare in Central Asia and the world, owing to its unique geographical location.

Sami highlighted that the development of the China-Pakistan Economic Corridor has attracted investments from other countries to Gwadar. Notably, Saudi Arabia's $1 million investment in a refinery and chemical plant is projected to reduce Pakistan's crude oil import expenses by $3 billion.

Underlining the need to expedite the construction of special economic zones and bolster exports to China, Sami stressed that these zones would stimulate development through infrastructure investments and by attracting China's labor-intensive industries, fostering new industrial clusters.

Pakistan intends to enhance its business environment further, seeking increased Chinese investments and expanding the export of goods and services to China.

Sami emphasized the untapped export potential of Pakistan's marine fishery, which could be realized through upgrading and the introduction of world-class fishing methods and fish processing technology. Pakistan aims to develop its shipbuilding industry, establish factories, and advance ice-making facilities to support marine fishery preservation through joint ventures.

Regarding the construction of a tourism development zone, Sami mentioned that China and Pakistan have agreed, as part of the long-term development plan of the China-Pakistan Economic Corridor, to explore this initiative.

The opening ceremony also saw the presence of prominent figures such as Khalid Manzoor Butt, Director of the Pakistan Research Center at Peking University, and representatives from the Lahore School of Government in Pakistan and the China Center for Excellence in Studies, along with Pakistani students studying in China.

Throughout the two-day meeting, participants engaged in substantive discussions on various critical topics, including investment and employment growth, construction and poverty alleviation, the development of special economic zones and industries, education cooperation between China and Pakistan, as well as security and development matters along the China-Pakistan Economic Corridor.