China Pakistan Economic Corridor (CPEC) is expected to attract an additional international investment of USD 150 billion.
This is anticipated in view of the plans to connect three growing economies i.e. South Asia, China, and Central Asian Republics. This connectivity will enhance trade opportunities for Pakistan with 70% of the international maritime trade via Pakistan’s two ports of Karachi and one under construction deep-sea port at Gwadar. Chinese President Xi Jinping and Prime Minister of Pakistan agree with the fact that,
CPEC will blaze a whole new trail.
The latest summit in Islamabad of top government leaders and investors projects the overall international investment in China Pak Economic Corridor, covering the period 2014 to 2030, is expected at $150 billion. Prime Minister Nawaz Shairf, while inaugurating the summit and expo on CPEC at Pakistan-China Friendship Centre, Islamabad on August 29th said,
It is going to change the fate of the entire region… It will eliminate poverty and unemployment and bring the people up-front into the mainstream of modern and developed countries.
The PM was accompanied by Minister of Planning and Development Prof. Ahsan Iqbal. Prime Minster further said,
The CPEC project is the fusion of President Xi’s ‘One Belt One Road’ with Pakistan’s ‘Vision 2025’, which is sought to harness Pakistan’s geo-political position into geo-economic advantage by connecting the three engines of growth – South Asia, China and Central Asia.
Several local and international companies attended the moot. The inaugural session was also attended by Pakistan’s Federal Minister of Planning, Development and Reforms, Ahsan Iqbal, Chinese Ambassador to Pakistan, Sun Weidong, Chief Ministers of Pakistani provinces, diplomats, members of the parliament, academics, heads of Chinese companies investing in Pakistan, and 110 other delegates from China.
Finance Minister Ishaq Dar, while speaking at the occasion stated that Pakistan would soon emerge as the choice destination for foreign investors. Miftah Ismail, chairman of Board of Investment (BoI) said,
On completion of this mega project, Pakistan is expecting approximately $150 billion international investment in the country into different business and manufacturing centres; investment by Chinese firms being the main focus.. The estimate for the projected investment of $150 billion have been worked out on the basis of firm commitments with prospective investors.
This suggests that Pakistan has already received intimations regarding said investments and perhaps only the paper formalities remain.
Chinese Ambassador to Pakistan Sun Weidong, speaking at the summit said,
We look forward to speedy completion of the projects, included in the CPEC plan. We hope, with its full implementation, it will help create more jobs, provide better health and educational facilities.
Yan Zhiyong, Chairman of Power Construction Corporation of China, spoke on the role of China in promoting ‘One Belt One Road CPEC initiative’. The summit attracted more than 150 leading Chinese businessmen and investors, representing industries ranging from energy to autos.You can follow us on Facebook, Twitter, or Google+ for more updates. Otherwise fill in the subscription box above, or subscribe to our RSS Feed.