China Joint Chambers of Commerce and Industry (PCJCCI) President Moazzam Ghurki on Monday afternoon labeled China-Pakistan Economic Corridor (CPEC) as a “model of collaboration, partnership, connectivity and shared prosperity” promising high levels of industrial and agriculture cooperation.
He maintained that the CPEC initiative was significant for Pakistan as it would lead to rapid economic growth of the country and also enhance regional security.
Chairing a meeting at the PCJCCI Secretariat here, he talked about the significance of SEZs in enhancing business-to-business (B2B) collaboration, while the government was working to ensure smooth transition towards second phase of CPEC which will lead to socioeconomic uplift of marginalized areas.
Ghurki added that according to the World Bank’s Global Economic Prospects report, the global economy probably shrank by 4.3 per cent in 2020 due to the pandemic of Covid-19 and financial crisis.
He contended that the challenges for Pakistan are multiple as they struggle to eliminate poverty, bring economic growth due to hike in inflation rate.
He remarked that CPEC was now the principal vehicle for the pursuit of bilateral ties at renewed and heightened ebb of engagement.
On the occasion, PCJCCI Senior Vice President Fang Yulong said that China’s next transformation is well under way and a “New Economy” is emerging, all set to make global impact through innovations and economic initiatives leveraging its demographic and economic diversity.
He underlined that in order to accrue the benefits of this transformation, ‘Team CPEC’ has to now mobilize all resources for accomplishing the daunting task of timely implementation of CPEC projects in Pakistan, which would further lead towards a true inclusive growth.
“This time the focus of CPEC would be on populating the priority SEZs (Special Economic Zones) through industrial cooperation which is entering vital stage with immediate steps required to encourage private sector participation and creating enabling environment reducing risks and promoting complementary policies,” he said.
Hamza Khalid, Vice President PCJCCI, stressed that in the second phase of CPEC, the government is gearing up to lift marginalized areas of Pakistan and promising greater regional integration.
