ISLAMABAD, Jul 31 (APP): Former President of SAARC Chamber of Commerce and Industry Iftikhar Ali Malik on Monday said that Chinese Vice Premier He Lifeng’s current visit to Pakistan would boost bilateral ties and strengthen economic relations between Pakistan and China.
Chairing a round table conference on “Impact of CPEC on Pak Economy”, he said the China-Pakistan Economic Corridor (CPEC) has significant importance to Pakistan’s economy, said a news release issued here.
It is a multi-billion-dollar infrastructure project that aims to connect Gwadar Port in southwestern Pakistan to China’s northwestern region through a network of roads, railways and pipelines.
About regional development, he said it aims to develop underdeveloped regions in Pakistan, particularly in Balochistan and Khyber Pakhtunkhwa, by boosting their economic potential and attracting investments.
CPEC attracts foreign direct investment from China and other countries, contributing to Pakistan’s foreign reserves and economic stability, he remarked.
He said this gigantic project enhances connectivity and trade between China and Pakistan, fostering economic growth and development in both countries.
The improved infrastructure opens up new opportunities for businesses, trade and investment, he added.
He said the corridor improves Pakistan’s overall infrastructure, enhancing transportation, communication and logistics capabilities, which benefits various economic sectors
He said this mega project establishes Special Economic Zones (SEZs) where Chinese and Pakistani industries collaborate, fostering technology transfer, skill development and jobs.
Iftikhar Ali Malik said in Special Economic Zones (SEZs) where Chinese and Pakistani industries collaborate, fostering technology transfer and skill development also include several energy projects, such as coal, hydro and solar power plants.
He said these projects address Pakistan’s energy crisis by increasing power generation capacity, reducing blackouts and supporting industrial growth.
He said it facilitates trade and investment by providing a shorter and more efficient route for Chinese goods to access the Middle East, Africa, and Europe, while also enabling Pakistani products to reach Chinese markets.
However, it is essential to note that the success of CPEC depends on effective implementation, addressing security concerns and ensuring that local communities also benefit from the development projects, he concluded.