Pakistan’s planning minister announces development of five economic corridors for sustainable growth

ISLAMABAD: Pakistan plans to develop five economic corridors to ensure sustainable national growth and create better opportunities for its citizens, according to reports from Pakistani and Chinese state media, quoting newly appointed Planning Minister Ahsan Iqbal during a recent ministerial meeting.
The initiative will unfold under the multibillion-dollar China Pakistan Economic Corridor (CPEC) that was launched about a decade ago for infrastructure development in the South Asian country while striving for greater regional connectivity.
“Minister for Planning, Development and Special Initiatives, Ahsan Iqbal has directed to expedite the implementation of CPEC project as no further hindrance will be tolerated,” the state-owned Radio Pakistan reported. “He was chairing a meeting to initiate work on the five new corridors in the second phase of CPEC.”
According to China’s Xinhua news agency, the minister plans to develop economic corridors of job creation, innovation, green energy and inclusive regional development.
During the meeting, he highlighted the significance of the Gwadar port that is jointly developed by the Pakistani and Chinese authorities to be the primary maritime gateway connecting Pakistan with the Central Asia and the rest of the region.
“The development of Gwadar port and its associated free zone is expected to attract foreign investment, stimulate economic activities and create job opportunities in the region,” Xinhua quoted him as saying.
He also mentioned an increase in Pakistani exports to the Chinese markets, asking the meeting participants to devise a strategy to enhance them further.
“Immediate research should be conducted with the help of experts to determine which sectors Pakistan can promote its exports to China,” he said.
Prime Minister Shehbaz Sharif has already highlighted his government’s interest in operationalizing special economic zones under CPEC to attract more foreign investment to Pakistan.