Pakistan PM vows timely CPEC progress, eyes enhanced business and Chinese investment

ISLAMABAD: Prime Minister Shehbaz Sharif expressed his resolve on Wednesday to ensure the timely implementation of the multibillion-dollar China-Pakistan Economic Corridor (CPEC), stating that his country aims to explore its next phase to generate business activity and attract more Chinese investment.
CPEC, a collection of infrastructure projects in Pakistan funded by China, is a major part of Beijing’s Belt and Road Initiative, aimed at increasing trade and stimulating economic growth across Asia and beyond.
The first phase of the corridor project primarily concentrated on addressing Pakistan’s energy shortage and included the construction of roads and railways to improve connectivity.
The second phase is focusing on the development of special economic zones, further improvement of transportation networks and the promotion of industrial cooperation between China and Pakistan to foster economic development.
“The Prime Minister emphasized that his government would work tirelessly to ensure timely implementation of the initiatives under the China-Pakistan Economic Corridor (CPEC),” said a statement released by his office after his meeting with the Chinese envoy, Jiang Zaidong, in Islamabad. “He stressed that Pakistan was keen to move to the next phase of CPEC, including operationalization of the Special Economic Zones (SEZs) to facilitate Chinese investment in Pakistan.”
Despite its strategic significance for both countries, CPEC was said to have slowed down under the administration of former prime minister Imran Khan.
The deceleration was attributed to various factors, including the coronavirus pandemic, financial challenges, security concerns and renegotiations over project terms.
However, media reports also indicated the Chinese authorities were facing troubles with Khan’s administration.
Beijing is said to be closer to the Sharifs who launched the corridor project in April 2015.
The prime minister told the Chinese ambassador the Special Investment Facilitation Council (SIFC) had been created during his previous tenure to attract foreign investment in priority sectors including agriculture, information technology, minerals and renewable energy.
He added that Chinese companies would find many profitable opportunities in Pakistan.
The Chinese envoy reaffirmed that his country’s leadership was looking forward to further deepen the Pakistan-China friendship.
He also extended the invitation to Sharif to undertake an official visit to China at his earliest convenience.