CPEC Phase 2: Pakistan, China Ramp Up for Five New Economic Corridors
Staff Report
Pakistan and China have expedited efforts to set up a Working Group for five new Economic Corridors under CPEC Phase 2.
They’re aligning with the 5Es plan already sorted by the Planning Ministry.
During a meeting held at the Planning Ministry, Federal Minister of Planning, Development & Special Initiatives, Professor Ahsan Iqbal, and Chinese envoy Jiang Zaidong had a chat for over an hour.
They showed keenness to fast-track phase 2 of the CPEC and are cooking up a working group for five spanking new economic corridors, including the Corridor of Job Creation, Corridor of Innovation, Corridor of Green Energy, and Inclusive Regional Development.
Both the Planning Ministry and China’s National Development and Reform Commission (NDRC) will prepare separate concept papers on the new economic corridors.
These papers will be merged for the upcoming Joint Coordination Committee (JCC) meeting in 2024, as per the Planning Ministry.
The Planning Ministry is already putting the pedal to the metal with the 5Es framework – Export, Energy, Equity, and Environment.
This setup will sync with the five new economic corridors, all aimed at pushing Pakistan forward under Prime Minister Shahbaz Sharif’s vision, stressed the Minister, highlighting the need to ramp up Pakistan’s exports through business growth and job creation.
The Planning Minister dished out a strategic plan to supercharge the success of Special Economic Zones (SEZs) in Pakistan.
He pitched a “one plus Four” model where each SEZ in Pakistan teams up with a Chinese province, an industry group to nurture specialized clusters within the SEZs, a Chinese SEZ to offer technical know-how, and a state-owned enterprise to lead SEZ development.
Iqbal hammered home that this teamwork would turbocharge SEZs in Pakistan, making them more competitive and appealing to investors.
The Chinese envoy gave Pakistan a thumbs-up for rolling out the CPEC’s second phase.
Stressing the need to beef up SEZ efficiency for more foreign exchange, the envoy suggested SEZ officers take a trip to Chinese industrial parks to see firsthand how it’s done.
He also praised Pakistan’s shift from agriculture to industry.
Prof. Ahsan Iqbal underlined that SEZ’s success hinges on turning them into hubs for specific industries, fostering growth and innovation.
The discussion also revolved around ramping up regional connectivity, spotlighting critical projects like Gwadar Port and the M-8 motorway, which will beef up trade links and regional integration.
The Planning Minister hailed China’s industrial strides as a beacon for Pakistan to follow.
He also lauded Chinese support in boosting Pakistan’s exports, stressing the urgency of growing exports through hard-earned foreign exchange, not borrowed bucks.
The Minister assured the Ambassador that security is paramount for development.Pakistan keen to Move to the next phase of CPEC: PM
Pakistan is fully aware of the security risks in CPEC construction, but these won’t throw a wrench in the works. Pakistan is bent on safeguarding Chinese workers and will beef up security for them.
