CPEC is crucial for economic recovery of Pakistan: Report

ISLAMABAD: There is no doubt that the China-Pakistan Economic Corridor is crucial to Pakistan’s economic recovery, says a report published by Gwadar Pro on Tuesday.
The most crucial point is that the development and growth of the Belt and Road Initiative has enabled Pakistan to make extraordinary progress in infrastructure construction, import and export logistics, etc.
Belt and Road Initiative is China’s epoch-making plan for global economic development. For Pakistan, the China-Pakistan Economic Corridor is launched here as a flagship project of the Belt and Road Initiative.
China can effectively connect the Indian Ocean and the Arabian Sea through roads, and it has also opened a new door for Pakistan’s future diversified economic development.
An economic corridor like the Belt and Road covering a vast territory connects all participating countries in Central Asia, Africa, and Europe into a huge common development network.
Not long ago, on the occasion of the tenth anniversary of the construction of the China-Pakistan Economic Corridor, officials from the National Development and Reform Commission of China once again emphasized the importance of the project to Pakistan, China, and even the world.
In August 2023, Chinese President Xi Jinping proposed in his keynote speech at the China-Africa Leaders’ Dialogue that China will mobilize the enthusiasm of China’s cooperation resources and enterprises in Africa to support Africa in developing manufacturing and achieving industrialization and economic diversification.
Facts have proven that China does not seek to impose anything on other countries through the Belt and Road Initiative, but rather hopes to develop a diversified strategy that takes into account the actual problems and specific needs of other countries.
Ten years have passed since the official implementation of the Belt and Road Initiative in 2013. After this year’s summit forum, the BRI will enter a new stage, and all participating countries will work together to bring industrialization to a new level.
For Pakistan, this possible change will be of extraordinary importance because Pakistan has the potential to promote new developments based on its original industrial base and revitalize the national economy.
China and Pakistan will sign a series of new memorandums of understanding.
China and Pakistan will sign 11 agreements on infrastructure, energy and other projects. In addition, the two countries decided to issue announcements to further promote comprehensive cooperation in various fields of the China-Pakistan Economic Corridor.
In Pakistan, work is in full swing during the meeting between Chinese President Xi Jinping and Prime Minister Kakar. According to media reports, Pakistan and China have reached an agreement on the financing of the ML-1 project.
Moreover, the Ministry of Planning, Development & Special Initiatives has reached consensus with other relevant ministries and the Chinese Embassy on working documents for multiple cooperation projects, which will also be officially signed at the Belt and Road Forum during Prime Minister Kakar’s visit. – INP