Islamabad:
Pakistan and China on Friday stepped up efforts to form a Working Group on five new economic corridors under the second phase of the China-Pakistan Economic Corridor (CPEC), aligned with the 5E framework prepared by the Ministry of Planning.
During a meeting between Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal, and Chinese envoy, Jiang Zaidong, both sides agreed to expedite the second phase of CPEC and set up a task force on five new economic corridors, including the Job Creation Corridor, Innovation Corridor, Green Energy Corridor and Inclusive Regional Development.
Both the Ministry of Planning and China’s National Development and Reform Commission (NDRC) will prepare separate concept documents for the new economic corridors, providing a clear road map for each sector going forward. These prototypes will be consolidated for presentation at the upcoming meeting of the Joint Coordination Committee (JCC) expected in 2024, the Planning Ministry said.
The Ministry of Planning has already started implementing the 5Es framework, which includes Exports, Energy, Equity, E-Pakistan and Environment. This framework will be aligned with the five new economic corridors to promote Pakistan’s prosperity in every sector under the vision of Prime Minister Shehbaz Sharif, the minister stressed, stressing the importance of accelerating Pakistan’s export potential through business development and creation jobs.
Reading Pakistan and China to form WG on 5 new economic corridors under CPEC
During the meeting, the Planning Minister outlined a strategic approach to maximize the success of Special Economic Zones (SEZs) in Pakistan. He proposed a “one plus four” model where each SEZ in Pakistan would partner with a Chinese province, an industrial group to develop specialized teams within the SEZs, a Chinese SEZ to provide technical expertise, and a state-owned enterprise to development of SEZ. Iqbal emphasized that this cooperation framework will accelerate the establishment and development of SEZs in Pakistan, enhancing their competitiveness and attractiveness for investors.
The Chinese envoy appreciated Pakistan’s efforts to implement the CPEC, particularly the initiation of phase 2. Addressing the need for Pakistan to enhance the effectiveness of SEZs to raise foreign exchange, the Chinese envoy suggested that SEZ officials should visit the Chinese industrial parks to observe first-hand efficiency measures implemented by the Chinese authorities. The ambassador further highlighted Pakistan’s commendable transition from an agricultural to an industrial economy.
Iqbal emphasized that the success of SEZs depends on their ability to become clusters of specific industries, promoting economies of scale and creating a vibrant ecosystem conducive to innovation and growth.
Discussions also focused on enhancing regional connectivity, with a particular focus on critical infrastructure projects such as the Gwadar Port and the M-8 Motorway, which will strengthen trade ties and facilitate regional integration.
Published in The Express Tribune, March 23rd2024.
Like Businesses on Facebook, follow @TribuneBiz on Twitter to stay updated and join the conversation.
a href=”https://tribune.com.pk/story/2460230/phase-2-of-cpec-accelerated-with-new-economic-corridors”>Source link
