Pakistan has potential to grow through CPEC transit trade: Budget document

Pakistan has the potential to grow its economy through transit trade and as part of the China-Pakistan Economic Corridor (CPEC), Central Asia Regional Economic Cooperation (CAREC) and Khyber Pass Economic Corridor (KPEC), said a performance review of 2022-23 budget issued here Friday afternoon.

It added that Pakistan has tremendous potential of revenue generation through road and rail connectivity.

The Federal Government along with the provincial stakeholders has been making efforts to invest in road and rail connectivity across the country, shaping various policies and plans to facilitate the transit trade thus boosting the country’s economy, the official document mentioned.

The Pakistani transportation system needs modernization and the National Transport Master Plan is in the final stages of approval many actions under the policy and the plan are being already adopted and implemented, it added.

In recent years the work in the transport infrastructure projects was carried out in the districts of southern Punjab, southern KP, and Southern Balochistan based on equitable regional development of the poor districts, especially in the transport sector with Federal funding, the budgetary document noted.

The road projects under the Southern Balochistan development package connecting the Iranian border with the national network were approved and started during the ongoing fiscal year ending on June 30.

The Federal Government also announced the implementation of the Dera Ismail Khan Package in 2022-23.

The CPEC projects were re-initiated started in full swing and the negotiations with the Chinese side, especially regarding the project of ML-1 (Main Line – 1) and KCR (Karachi Circular Railway) were re-started which was a breakthrough, highlighted the document.