Comment by Riaz Haq on August 3, 2019 at 7:36pm

#CPEC likely to contribute 3.5% to #Pakistan's #GDP: 'We have discussed trade amounting to almost $2.5 trillion which is going to be routed through various corridors and Pakistan sits at the epicentre of all this activity' http://a.msn.com/0F/en-xl/BBV7roZ?ocid=st

China's investment of over $60 billion in Pakistan's infrastructure and power projects under the China-Pakistan Economic Corridor (CPEC) is expected to increase Pakistan's economic growth by around 3.5 percentage points, said Standard Chartered Bank (Pakistan) CEO Shahzad Dada on Thursday.

'CPEC projects are estimated to contribute around 3.5 percentage points to Pakistan's GDP (gross domestic product) growth once they are fully delivered,' he emphasised while speaking at an event in Karachi.

Dada noted that most of the Chinese companies investing in Pakistan under CPEC were clients of the bank and Standard Chartered was itself involved in financing some of the projects as well.

Early harvest projects under CPEC are expected to be completed in the current calendar year. Later, short-term projects are anticipated to be completed by 2022, medium-term projects by 2025 and long-term projects by 2030 and beyond.

Pakistan achieved a 13-year high GDP growth of 5.8% in FY18. However, the growth is expected to slow down to around 4.4% in the current fiscal year and 4.1% in FY20, according to Fitch Solutions.

Dada highlighted that China and Pakistan signed a memorandum of understanding for investment of over $60 billion, of which infrastructure and power projects worth over $30 billion were under way. CPEC is part of China's wider Belt and Road Initiative (BRI).

'We have discussed trade amounting to almost $2.5 trillion which is going to be routed through various corridors and Pakistan sits at the epicentre of all this activity,' he pointed out. 'With the Belt and Road Initiative, there is expectation that trade is going to double, quadruple or rise even further.'

Comment by Riaz Haq on September 9, 2019 at 9:39am

#CPEC 2.0 Focus on Boosting #Exports: Promotion of business to business relationship for #technological, #industrial investment & development to augment #Pakistan’s capacity to #export products, Says #Chinese Envoy to #Islamabad https://www.app.com.pk/pakistans-capacity-of-export-to-be-augmented... Associated Press Pakistan

Chinese Ambassador in Pakistan Yao Jing on Friday said that under second phase of China Pakistan Economic Corridor (CPEC), promotion of business to business relationship for technological and industrial development in order to augment Pakistan’s capacity to export was a priority area for the Chinese government.

He was speaking to Federal Minister for Economic Affairs Muhammad Hammad Azhar here at the minister’s office, said a press release.

The envoy congratulated Hammad Azhar on his elevation as Federal Minister.

The Ambassador reiterated commitment of his government to the strategic relationship with Pakistan and hoped that appointment of Federal Minister for Economic Affairs will further strengthen relationship between the two countries.

The Ambassador updated the minister on the progress made on account of implementation of CPEC related projects.

The envoy stated that in the second phase socio-economic sector projects, with grant financing for direct benefit of common man were also priority areas.

The minister stated that the CPEC is a flagship programme of Belt and Road initiative which is now entering into a new phase. He reiterated commitment of his government for implementation of next phase of CPEC for the benefit of people of Pakistan.

He acknowledged the historic relationship with China and the generous support it has been extending to Pakistan.

The minster also acknowledged the economic and financial assistance provided by China to Pakistan during difficult times. China’s position on the current situation in occupied Kashmir was vehemently appreciated.

Comment by Riaz Haq on January 4, 2020 at 8:18am

New #industrial city near #Faisalabad in #Pakistan to create 300,000 jobs & attract Rs400 billion #investment in #automobiles, #textiles, #engineering, #pharmaceuticals, #food processing, #chemicals, #construction materials, #FGCG and packaging sectors.
https://www.khaleejtimes.com/international/pakistan/300000-jobs-to-...

The project will attract a huge investment in automobiles, value-added textiles, engineering and pharmaceuticals.
Prime Minister Imran Khan on Friday, January 3, performed the groundbreaking of the Allama Iqbal Industrial City in Faisalabad which is being established under China-Pakistan Economic Corridor and expected to create around 300,000 jobs and attract Rs400 billion investment.

During a day-long visit here, the prime minister performed the groundbreaking of the mega project by unveiling a plaque and also planted a sapling at the project site as part of his 10-Billion Tree Tsunami.

The prime minister was briefed about the significance of the project which is expected to create 300,000 jobs during the next five years.

The project will attract approximately Rs400 billion investment in automobiles, value-added textiles, engineering, pharmaceuticals, food processing, chemicals, construction materials, FGCG and packaging sectors. It will contribute to the country's GDP, increase the exports of the country and would also encourage the import substitution.

In total, nine special economic zones had been planned under the China-Pakistan Economic Corridor (CPEC) Industrial Cooperation Framework.

Comment by Riaz Haq on January 26, 2022 at 10:19am

Phase-II of CPEC, flagship BRI project, much broader in scope: Pakistan Ambassador to China
Phase-II much broader in scope: Ambassador


https://www.globaltimes.cn/page/202201/1246043.shtml


GT: The first brick of the CPEC was laid in 2013, it has been nine years, can you comment on the current status of CPEC construction efforts? Tackling the energy shortage was frequently mentioned in the earlier years of the CPEC, how is the situation now?

Haque: The CPEC marks a new phase in Pakistan-China relations by placing economic cooperation and connectivity at the center of bilateral agenda. Being the flagship project of the Belt and Road Initiative (BRI), it aims to enhance connectivity and trade linkages between Pakistan, China and the region through a network of roads, rail, fiber optic, energy pipelines, industrial clusters and Special Economic Zones.

In its first phase, the CPEC has helped us develop major infrastructure and address our essential energy needs. The energy projects which have already been completed include 1,320 megaWatt (MW) capacity coal-fired power plants in Sahiwal (Punjab), Port Qasim (Karachi) and Hub (Balochistan); 660MW Engro Thar coal power project; 1,000MW Quaid-e-Azam Solar Park in Bahawalpur (400MW project is complete while 600MW is under-implementation), and some smaller wind & solar energy projects. A mega, 878-kilometer long, Matiari to Lahore ±660 KV HVDC Transmission Line project has also been completed with the capacity to evacuate 4,000 MW electricity.

It has also upgraded Pakistan's national and international highway network to provide more reliable Pakistan-China connectivity across the Karakoram Mountains and smoother inland communications. The CPEC investment and its spin-off effects have also generated thousands of jobs.

GT: How do you see the current challenges and opportunities facing the CPEC in 2022? What's there to be built in the second phase?

Haque: It is a matter of great satisfaction that despite the challenges posed by COVID-19 pandemic in the last two years, the CPEC cooperation and work on all projects continued unhindered. The recently held 10th meeting of the Joint Cooperation Committee reviewed wide-ranging cooperation under the CPEC framework and identified more areas of cooperation including establishment of a Joint Working Group on Information Technology and Industry, which is expected to support high-quality development of the CPEC as envisioned by the leadership of the two countries.

While the first phase of CPEC was mainly focused on infrastructure and energy projects to cater to the immediate needs, the high-quality CPEC phase-II is much broader in scope and focuses on industrial relocation, agricultural modernization, science and technology cooperation, job creation and our people's socio-economic well-being. We are also making rapid progress on the development of the Gwadar Port and Free Trade Zone, which would promote regional connectivity and economic integration.

GT: What is the current level of third-party participation in the construction of the CPEC?

Haque: As the CPEC aims to promote regional integration and win-win cooperation, Pakistan and China have agreed to welcome and encourage high-quality investments and introduction of advanced technologies and expertise in the CPEC from third-party partners who are ready to work with us for common development.

The two countries are jointly working to finalize a mechanism for third-party cooperation under the CPEC framework before formally processing such requests.



GT: Regional cooperation is a key word for 2022 and BRI construction is also progressing rapidly. How do you see Pakistan's and CPEC's role in this direction?

Haque: Pakistan is one of the earliest supporters and participants of the BRI. We emphatically endorse the spirit and philosophy of the BRI, which seeks to transcend national boundaries and lay bridges for a win-win cooperation and closer economic integration for a shared future.

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