ACCA, PCA launch report on OBOR initiative

Our Correspondent

ISLAMABAD:  The Association of Chartered Certified Accountants (ACCA) and Pakistan-China Institute (PCI), yesterday, launched their first joint report on the One Belt One Road (OBOR) Initiative in Pakistan called The Economic Benefits of the Modern Silk Road - China Pakistan Economic Corridor (CPEC).
"We all know about the various projects that make up CPEC like Gwadar port, extension and modification of the Karakoram highway, new motorways, railways including may be even bullet trains, enterprise zones and off course energy plants, but has the business community started thinking about the impact of CPEC on their strategies? What will be the long term benefits? How can businesses prepare for new opportunities and challenges? Where do they need to invest or allocate resource to capitalize on the future? What are the risks and how to navigate around them? What are the possible scenarios north or south or the good the bad and the ugly? Clearly a lot of deep dive thinking still needs to happen" said ArifMasudMirza, Regional Head of Policy for ACCA.
According to PCI Executive Director, Mustafa HyderSayed "this report indicates that investment in people, for example, learning Mandarin, understanding Chinese business culture and increased networking i.e. the people to people contact which is one of the pillars of CPEC, must be embedded in the long-term mission of the private and public sectors. Pakistan's manpower; professional, skilled, semi-skilled and unskilled must match or be better than their Chinese counterparts if our nation is to ensure that CPEC's long term benefits don't start heading South."