CPEC, a mutually beneficial project for Pakistan, China: Asad Umer

KARACHI, Nov 23 (APP):Federal Minister for Planning and Development Asad Umer Saturday said that Pakistan is an important beneficiary of China- Pakistan Economic Corridor (CPEC) in term of projects pertaining to Energy and Infrastructure sectors.

This he said while addressing a news conference at Karachi Press Club (KPC) here.

While denouncing the statement of US Foreign Office diplomat Alice Well that China alone is the beneficiary of CPEC, the minister said that CPEC is much important to Pakistan’s long term economic development so that the present governments had taken ownership of this bilateral project.

“We have also taken it forward with special focus on industrialization, agricultural growth and social security”, Asad Umer said.

Commenting on Alice Well’s statement that Pakistan will be swamped by China in debt, he said that besides being a huge investment portfolio, CPEC is bringing in commercial debt in Pakistan, which is only 1/4th of overall public debt but this commercial lending from China will be decreasing within three to four years once our own economy stabilizes.

The minister said that Pakistan is going to get technology transfer from China under CPEC. “There is even debate within USA that China will be the future giant in global technology”, he added.

He said Pakistan welcomes USA and Europe too to invest in CPEC and build up a multilateral partnership. “China is our all weather friend but we welcome all to be a part of CPEC”, he said.