Pakistan and China announced launch of second phase of CPEC

Pakistan and China announced launch of second phase of CPEC

The Pakistani government's commitment to fostering foreign investment, as emphasized by Chinese Charge d’Affaires Pang Chunxue, holds a pivotal role in the nation's ongoing development. This statement by the Chinese envoy gains significance when viewed in light of a revelation by a former Pakistani ambassador, highlighting historical reluctance on Pakistan's part to engage with Chinese industrialists. Both Pang Chunxue and the former Pakistani ambassador shared their perspectives on the Aaj News show Rubaroo, aired on Sunday.

Pang Chunxue articulated that the China-Pakistan Economic Corridor (CPEC) had embarked on its second phase. The initial phase primarily involved substantial infrastructure development, while the second phase focuses on promoting sectors such as agriculture, information technology, and industries. The CPEC, a multi-billion-dollar project integral to China's Belt and Road Initiative, has garnered the label of a "game changer" from Pakistani leaders.

Over the years, Pakistan has extended offers to other friendly nations, inviting them to partake in the project's benefits. The first phase of CPEC witnessed extensive road construction and the establishment of various economic zones across Pakistan.

Former Pakistani ambassador to China, Masood Khalid, shared insights into the aspirations of Chinese investors who sought to establish industries in Pakistan but encountered obstacles.

He noted that the current climate is more accommodating, with facilities now being extended to facilitate foreign investment. Khalid also emphasized the significance of "security" as a critical element contributing to the success of CPEC, highlighting the comprehensive security measures in place for CPEC projects.

Interim federal minister Jamal Shah underscored the government's dedication to economic progress, with a particular emphasis on the subject during cabinet meetings. As Pakistan continues to position itself as an attractive destination for foreign investors, the collaborative efforts between the government and its foreign partners, particularly China, are expected to play a pivotal role in the nation's economic development and prosperity.