Belt, Road initiative to form connectivity, create linkages: PM
ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Wednesday said the Belt and Road Initiative would create connectivity, create linkages and boost economic growth of countries part of the project.
He was speaking at a panel discussion on “The Belt and Road Impact”; part of the 48th World Economic Forum being held at Davos Switzerland. The Belt and Road Initiative (BRI) is envisioned to enhance connectivity across continents through infrastructure investment, cultural exchange and technological know-how transfer.
Prime Minister Abbasi who is on a two-day visit to attend the Forum on the invitation of its President Professor Klaus Schwab said Pakistan recognizes the initiative of President Xi Jinping of China who through his vision has created global connectivity for tomorrow. He said the initiative touches the lives of half of the humanity and would have a far reaching impact across the continents.
Pakistan is one of the 80 countries through which the BRI passes or would have an impact. Pakistan terms it China Pakistan Economic Corridor (CPEC).
BRI passes through countries that generate 40% of global GDP and account for 60% of the world population. Spanning four continents, the New Silk Road is being deemed as the largest infrastructure project in history and besides enhancing connectivity would encourage better exchange of cultural knowledge and technological know-how.
The other panelists in the discussion on the sidelines of the Forum included Jin Liqun, President, Asian Infrastructure Investment Bank (AIIB), Li Xin, Managing Director, Caixin Global, Kirill Dmitriev Chief Executive Officer, Russian Direct Investment Fund, Ren Hongbin, Chairman, China National Machinery Industry Corp (Sinomach), Chan Chun Sing Minister of Singapore, and Michael S. Burke Chairman and Chief Executive Officer, AECOM.
The panelists explored implications for regional collaboration and the expansion of clean infrastructure. They offered their perspective on what the project would offer the world and spoke on the implications for regional collaboration and the expansion of clean infrastructure.
Prime Minister Shahid Khaqan Abbasi said the BRI would create greater openness and create linkages among the countries and the people. He said the impact of the Belt and Road Initiative was already being felt by Pakistan as new power project were coming up, the country’s railway sector was being upgraded, along with new motorways, road structures, etc. Abbasi pointed that the country’s cement industry was adding 56 per cent capacity, while the exports had increased by 15 per cent.
He said the BRI has boosted investor’s confidence and the impact of the project was far greater and far reaching than the mere infrastructure on the ground.
Abbasi said the BRI has the requisite financial sustainability and would also have a positive impact on the environment. This he said was possible despite the fact that Pakistan was putting to work several coal fired power projects. He said at the same time the country has cut down on the older inefficient furnace oil based. He expressed the belief that the efficiency gains were far more than the impact these would have on the environment.
The Prime Minister while agreeing with the views of President Asian Infrastructure Investment Bank said the governments must keep their guard against creating “white elephants” and ensure optimum use of resources to create projects that were financially sustainable.
He said Pakistan through the construction of its roads, rails and port was providing connectivity to the Central Asian Republics. He expressed the belief that complementarities would create much greater sustainability for the project.
Abbasi said the Belt and Road initiative was perfectly in sync with the 2018 World Economic Forum meeting and looks forward to a shared future, particularly among the participating countries.
The Prime Minister stressed the need for ensuring that any projects under the BRI do not create any distortions. He said despite the bilateral constraints, a level playing field needs to be provided for all investors, particularly the local ones, so as to achieve optimal benefits.
The other Speakers were enthusiastic about the project which they believed would be of far-reaching impact, particularly as most of the countries were less developed and would greatly benefit from economic activity that would be generated by it.
They were of the view that the project would also help bridge the technological gap between the participating countries and would be sustainable. It was pointed that though there were a number of challenges involved, the positive aspect was that the participating states were willing to resolve the issues and work together by sharing best practices. The participants also called for greater connectivity and interdependencies for enhanced benefits.
The President Asian Bank said the project needs to be seen as one that was generating global good for the people in general and would benefit a globalised world. He said it would also mitigate the concerns by sharing the benefits.
When asked by the moderator to sum up the importance of the project and to win trust and confidence in one word Abbasi said the BRI should create “Jobs” while the other speakers called for; continued broad based consultation, common connectivity, sustainable social lessons, global collaboration and signature projects.
Meanwhile, Prime Minister Shahid Khaqan Abbasi Wednesday said the government would provide full support and facilitation to Japanese companies interested to invest in Pakistan.
He was talking to the Chief Executive Officer of Japan Bank for International Cooperation (JBIC) Tadashi Maeda here on the sidelines of the World Economic Forum (WEF) at Davos, Switzerland. Special Assistant to Prime Minister Ali Jehangir Siddiqui and senior government officials were also present, a press release said.
The prime minister said Pakistan had made tremendous achievements towards political stability, law and order, energy security, and economic growth in the last few years.
Meanwhile, Prime Minister Shahid Khaqan Abbasi met the co-founder of Microsoft as well as the Bill & Melinda Gates Foundation on Wednesday to discuss the healthcare initiatives by the billionaire philanthropist.
While Gates appreciated the cooperation of Pakistani government to undertake anti-polio in the country by his foundation, the two leaders discussed future prospects for the healthcare initiatives.
Gates promoted his vision for the eradication of polio and other hazardous diseases from Pakistan.
Meanwhile, PM Abbasi spoke during ‘Belt and Road Impact’ session of the World Economic Forum (WEF) today where he stated that the Chinese Belt and Road Initiative would link together a series of countries, regions and civilizations to create shared prosperity.
The Prime Minister told that BRI is physical manifestation of the bonds between countries that existed through history. He said Pakistan today is most visible part of the BRI because of China-Pakistan Economic Corridor.
Meanwhile, Prime Minister Shahid Khaqan Abbasi says socio-economic integration and uplift of FATA is a major priority of the government. He was talking to President of Asia Infrastructure Investment Bank (AIIB) Jin Liqun at World Economic Forum in Davos on Wednesday.
The Prime Minister emphasized that funding water storage dams in FATA region will help in reintegrating and uplifting the region seamlessly. He also sought AIIB’s support for implementation of some of shovel ready projects in water conservation, infrastructure and energy sectors.
The Prime Minister reiterated that Pakistan was AIIB’s most enthusiastic supporter in its early stages and expressed the hope for building a strong and sustained relationship. The Prime Minister invited President AIIB to visit Pakistan. AIIB is a multilateral development bank that provides financing support for infrastructure and regional connectivity. It has a capital of 100 billion dollars and Pakistan is one of the founding members of the bank.
Pakistan has a seat on the Board of Governors and AIIB has co-financed two projects worth 400 million dollars in Pakistan.
Talking to CEO of Japan Bank for International Cooperation Tadashi Maeda at World Economic Forum in Davos, the Prime Minister said the government will provide full support and facilitation to the Japanese companies that are interested to invest in Pakistan.
He hoped that JBIC will support Japanese companies in their investments in Pakistan particularly in the energy sector. He said Pakistan and Japan enjoy a very long and cherished history of economic cooperation that is of immense importance to Pakistan.
Meanwhile, Prime Minister Shahid Khaqan Abbasi has held a meeting with Mr. Joe Kaeser, CEO of Siemens AG, at the World Economic Forum (WEF) in Davos on today (Wednesday). Special Assistant to PM Ali Jehangir Siddiqui and senior government officials were also present.
The Prime Minister appreciated the very long association of Siemens AG with Pakistan, particularly in the Power generation and distribution sectors. Cooperation for advanced education and training opportunities of young Pakistani engineers in the field of electrical engineering, seismic data processing and research & development (R&D) were discussed during the meeting.
The Prime Minister invited CEO Siemens to consider establishment of an R&D center in Pakistan and committed full government support and facilitation in this regard. The Prime Minister informed CEO Siemens of the vast opportunities emerging out of massive infrastructure and energy development during last four years and invited to help Pakistan in digitizing the Power generation, transmission and consumption data as well as Gas transportation and compression data which can bring a lot more transparency into the system. – NNI