More opportunities ahead for Pakistan after 10 years of BRI: Ahsan Iqbal - BizTalk

China’s ‘Belt and Road Initiative’ (BRI) is perfectly aligned with Pakistan’s national development strategy and interests. Over the last decade, through the China-Pakistan Economic Corridor (CPEC), this initiative has not only significantly boosted the national economy and improved the living standards of its people but is also set to empower Pakistan in fostering enhanced connectivity among the economic powerhouses of Central and South Asia, thereby positioning the region as a future cornerstone of the world economy.

In this spirit, the government of Pakistan is committed to exploring diverse trade activities, with a particular emphasis on business-to-business (B2B) cooperation. During the subsequent phase of CPEC, efforts will also be directed towards establishing links between business schools in both countries and assisting the local business community in gaining a deeper understanding of the Chinese market.

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These views were articulated by Professor Ahsan Iqbal, the Federal Minister for Planning and Development, during a recent interview.

Minister Iqbal stated, "CPEC was a fusion of Pakistan’s Vision 2025 and China’s BRI initiative, bringing vital investment into economic sectors that were previously struggling."

As China’s all-weather strategic partner and a primary beneficiary of the BRI, Pakistan’s energy, infrastructure, technology, and industrial sectors have all reaped substantial rewards since the commencement of CPEC.

The minister further elaborated, "More than 5,000 megawatts of new power generation capacity were installed at a crucial juncture when Pakistan was grappling with severe energy shortages. CPEC has also played a pivotal role in the construction of modern infrastructure, including the M-5 Sukkur-Multan Motorway, the Hakla-D.I Khan Motorway, and the Gwadar East Bay Expressway. Furthermore, CPEC has established a new information superhighway between Pakistan and China via a fiber optic cable, which will greatly enhance Pakistan’s digital infrastructure. The second phase of CPEC is dedicated to transforming Pakistan into an industrial economy through the establishment of special economic zones and deepened government-to-government cooperation."

This year, China is commemorating the tenth anniversary of its flagship Belt and Road Initiative (BRI). Minister Iqbal, echoing the sentiments of other participants, firmly believes that the underlying reason for the "Belt and Road" initiative’s robust resilience and vitality stems from its collaborative construction. This cooperative approach aligns with the historical trend of economic globalization, addresses the contemporary demands for reforming the global governance system, and resonates with the strong desire of people from all nations for improved living conditions.

"When CPEC began, Pakistan launched Vision 2025, which explicitly declared regional connectivity as one of Pakistan’s primary drivers of growth. We anticipate even greater regional integration once CPEC is fully completed," the minister predicted. "By enhancing connectivity within Central Asia, South Asia, and China, we possess the potential to create shared prosperity for over 3 billion people across this vast region."