Federal Minister for Planning, Development and Reform (PD&R), Ahsan Iqbal has said that obtaining export-led sustainable growth is our top priority, where relocation of Chinese enterprises and revival of Pakistan’s industries can serve the interest of the two nations.
“Pakistan could fully utilise the huge opportunity of a trillion dollars Chinese’ import to boost Pakistan’s export,” said Ahsan Iqbal on Wednesday while meeting Professor Justin Yifu Lin, a distinguished Chinese economist, a Counsellor at the influential State Council of China and former Senior Vice President of World Bank in Planning Commission.
The meeting was attended by senior officials from Ministry of Planning, Development and Reforms and other related ministries.
Ahsan Iqbal said that the relocation of Chinese firms under the umbrella of CPEC industrial cooperation will boost Pakistan’s economy and will create huge employment opportunities.
The minister said that Pakistan has a long history of political and strategic relations with China. “However, CPEC has brought a paradigm shift and set a new dimension of cooperation between the two nations, paving way for economic and trade ties for the first time that led to the huge investment and industrial cooperation”.
China has emerged as the top country in respect of foreign direct investment in Pakistan just in two years, he added. He hoped that the bilateral ties would further enhance to new heights.
Ahsan Iqbal said that the CPEC has to pass through different phases, aligned with the vision of the Sino-Pak leadership. “Both the countries have to formulate policies regarding education and transfer of knowledge to achieve the shared vision”.
The minister stressed to remove the language barrier faced by the industrialists and the trade circle.
Ahsan Iqbal emphasised the need for the formulation of a joint strategy to share knowledge and experiences. “A Center for Excellence under PIDE has been established to conduct research on different thematic areas of CPEC and ensure benefits from Chinese knowledge and expertise”.
Highlighting the 9 industrial zones approved in CPEC 6th Joint Cooperation Committee last year, Ahsan hoped that the economic zones will prove to be a milestone. The relocation of Chinese enterprises and revival of Pakistan’s industries in the pretext of CPEC could protect the interest of the two nations, he added. “It will bring knowledge, expertise and new technology, assisting Pakistan to achieve its export laden growth and emerge as a new trade hub”.
He added that Pakistan, for the first time, opted for export-focused policy to alleviate trade imbalance, increase productivity and ensure value addition. “Such steps could lead to a sustainable export-driven growth” he added.
On this occasion, Professor Justin said that CPEC, a Pak-China joint initiative, has set a platform for a rapid growth and sustainable inclusive development in Pakistan. The economic corridor has opened new windows for bilateral trade and now a number of Chinese companies are ready to invest here. “The export-focused industrialisation would be a real success in Sino-Pak relation” he hoped.
