The recent announcement by Pakistan’s Federal Minister of Planning, Development, and Special Initiatives, Ahsan Iqbal, and Chinese Ambassador to Pakistan, Jiang Zaidong, marks a significant milestone for the China-Pakistan Economic Corridor (CPEC) initiative. The unveiling of five new economic corridors under CPEC’s second phase signifies a strategic move to further strengthen bilateral cooperation between the two nations and promote sustainable development in Pakistan.
These newly established corridors – focusing on growth, job creation, innovation, green energy, and inclusive regional development – represent a comprehensive approach aimed at fostering economic prosperity in Pakistan. To ensure effective implementation and future development within each sector, both Pakistan’s Ministry of Planning, Development, and Special Initiatives and China’s National Development and Reform Commission (NDRC) will be crafting separate concept papers, outlining clear roadmaps.
Jamshed Ahmed, an Investment and Industrial Specialist at the CPEC Authority, emphasizes the critical role these corridors play in solidifying the economic ties between Pakistan and China. He highlights the formation of a dedicated working group as a testament to both nations’ commitment towards enhanced coordination and efficient project execution, ultimately contributing to achieving sustainable development goals.
“The upcoming Joint Coordination Committee (JCC) meeting signifies a shared commitment by China and Pakistan to expedite progress on these multi-billion-dollar flagship projects,” says Ahmed, acknowledging the significant role CPEC plays in propelling economic growth.
Ahmed further emphasizes the focus on key areas like job creation, innovation, and green energy, underscoring their importance in driving Pakistan’s economic transformation and ensuring inclusive growth. According to NDRC data, CPEC has already created over 236,000 jobs, with over 155,000 going to Pakistani workers by the end of 2022.
The CPEC Authority official highlights the importance of the innovation corridor, emphasizing its role in leveraging technological advancements to drive economic transformation. He acknowledges how China’s expertise in infrastructure development and technology transfer can significantly complement Pakistan’s efforts to modernize its economy and improve domestic and regional connectivity.
1008 Flats and 500 Houses ready for allotment to industrial workers in Zone-V Islamabad.
Looking ahead, the second phase of CPEC places a strong emphasis on industrialization, particularly through the development of special economic zones (SEZs). Each province is slated to have its own SEZ. Ahmed stresses the importance of effective implementation and strategic alignment with Pakistan’s development goals to unlock the full potential of these SEZs.
The unveiling of these new economic corridors under CPEC’s second phase signifies a promising step forward for Pakistan and China’s economic partnership. With a focus on collaborative efforts, strategic planning, and sustainable development, this initiative paves the way for a mutually beneficial future for both nations.
