Islamabad: The opening of five new economic corridors in the second phase of CPEC is an important step in deepening bilateral cooperation between Pakistan and China and ensuring sustainable development in the former.
The Ministry of Planning and China’s National Development and Reform Commission (NDRC) will develop a separate concept paper outlining the roadmap for each corridor, facilitating future development of the sector.
By leveraging each other’s strengths and aligning with each other’s strategic frameworks, Pakistan and China are poised to unlock new opportunities and mutual prosperity in the coming years.
Speaking to WealthPK, Jamshed Ahmed, Investment and Industry Specialist, CPEC Authority, Ministry of Planning, Development and Special Initiatives highlighted the importance of this corridor in strengthening bilateral relations and promoting economic cooperation between Beijing and Islamabad.
He expressed his commitment to create a special task force for the new economic corridor to improve the coordination and efficiency of project implementation, which is necessary to achieve the Sustainable Development Goals.
Ahmed said Pakistan and China are focusing on important aspects of economic transformation and inclusive growth, focusing on key areas such as job creation, innovation, green energy and comprehensive regional development.
According to the NDRC, CPEC has created 236,000 jobs, of which 155,000 have gone to Pakistani workers by the end of 2022.
CPEC officials said the innovation corridor will drive economic transformation by supporting technological advancement and innovation-based growth. He said China’s accumulated experience in infrastructure development and technology transfer could complement Pakistan’s efforts to modernize its economy and improve internal and regional connectivity.
He said, in the second phase of CPEC, special attention is given to industrialization, especially through the construction of Special Economic Zones (SEZs). He said, every province has KEK. WEALTHPK
New economic corridors to help foster sustainable development in Pakistan
