BEIJING – China has encouraged Pakistan to attract foreign investment frommultiple sources to alleviate concerns that China-Pakistan EconomicCorridor (CPEC) would make the latter economically too dependent on it.
“The CPEC mega project is mainly funded by China at present. There areworries within Pakistan that the CPEC will make the country economicallytoo dependent on China. If Chinese and foreign enterprises can cooperate onthe project, that will help alleviate the concerns,” according to anarticle published in Chinese newspaper Global Times on Thursday.
A media report that Pakistan, under Chinese pressure, had turned down acheaper loan offer from a third country for infrastructure projects isunconvincing, it observed.The economic corridor is not a bilateral project, but an open initiative.China has repeatedly emphasized that it invites and welcomes more countriesto join in. Under the CPEC, China and Qatar have jointly developed the PortQasim plant, a coal-fired power plant at Port Qasim in Karachi.
The newspaper remarked that the CPEC, a flagship project of theChina-proposed Belt and Road initiative, is aimed at enhancinginterconnectivity between China and Pakistan and promoting commondevelopment.China will invest a total amount of $62 billion in Pakistan for powerplants, roads and railroad construction to give its infrastructure amuch-needed upgrade as it seeks to emerge from years of politicalinstability.
However, some countries have continued to hype China’s strategic intentionsbehind the CPEC and are hesitant to join in the project as their concerns.They are not excluded from the CPEC by China and Pakistan, but bythemselves.
China is facing the same threats as its Western counterparts when investingin Pakistan, but China has not flinched. The Balochistan Province that theeconomic corridor passes through poses numerous security and politicalchallenges.
China is trying hard to explore new ways to promote cooperation, improvethe investment environment, and curb the spread of extremism througheconomic development. This will not only benefit Pakistan, but also otherforeign investors.
All in all, China’s investment in the CPEC actually takes intoconsideration the all-round development of the region, includinganti-terrorism.It will also provide basic infrastructural facilities to other foreigninvestors and encourage them to invest in Pakistan.
Reports that Pakistan has turned down investments from third countriesunder China’s pressure is empty rhetoric. – APP