PESHAWAR: Highlighting the transformative potential of the China-Pakistan Economic Corridor (CPEC), Muzzammil Aslam, Economic Advisor to Khyber Pakhtunkhwa’s Chief Minister, called for proactive measures to fully leverage the project’s benefits.
Speaking at a seminar hosted by City University in collaboration with the Chinese Cultural Centre, China Window, Aslam said that the second phase of CPEC will reshape Pakistan’s industrial and financial landscape, creating jobs, boosting economic growth, and fostering sustainable development.
The CPEC project, signed between China and Pakistan in 2015, is an economic and development initiative covering infrastructure, energy, industrial, agricultural, science and information technology cooperations along with Pakistan’s southwestern port of Gwadar in Balochistan province.
The estimated cost of the project is $60 billion and is expected to bring socio-economic development and prosperity to not only Pakistan and China but the whole region.
The Advisor to the Chief Minister of Khyber Pakhtunkhwa strongly believed that the economic project would usher in a transformative era of industrial and economic development in Pakistan.
Muzzammil Aslam stressed the importance of leveraging the expertise of Chinese investors and industrialists to expedite Pakistan’s journey toward sustainable development.
“Factories in the Rashkai Economic Zone are already operational, and their positive impacts will soon be evident,” he said while expressing optimism about job creation and economic uplift in Khyber Pakhtunkhwa.
He added that these industrial projects would not only improve the provincial economy but also contribute significantly to Pakistan’s national growth.
Acknowledging shortcomings in the first phase of CPEC, the Advisor emphasised the need to restore investor confidence and ensure the security of Chinese stakeholders. With investments already touching $30 billion and expected to surpass $60 billion, he called for practical measures to maximize the benefits of this historic initiative. “The onus lies on us to make the most of this golden opportunity,” he said, urging policymakers to adopt a proactive approach.
Muzzammil Aslam also highlighted the pressing issue of skilled labour migration, with an estimated 1.6 million workers leaving Pakistan in the last two years. He called for comprehensive planning to harness CPEC’s potential for economic and social growth. “It’s crucial that we build a skilled workforce to meet the demands of upcoming industries while ensuring employment opportunities for our youth,” he added.
One of the speakers Dr. Khalid Khan underscored CPEC’s role as a cornerstone for Pakistan’s development, urging federal and provincial governments to accelerate its progress and address prior inefficiencies.
Meanwhile, Professor Dr. Gulzar Jalal and Rabia Basri emphasised learning from China’s success in poverty alleviation and integrated planning. They called for strategic measures to tackle challenges and ensure the project’s success.
The organisers of China Window reiterated their commitment to raising awareness about CPEC’s importance, organizing province-wide seminars to highlight China’s unwavering support for Pakistan’s development. They stressed that such initiatives would help foster stronger ties between the two nations while ensuring the public is well-informed about the benefits of this transformative project.
The event concluded with City University’s Dean of Health Sciences, Dr. Ismail Khan, presenting shields to the distinguished speakers, acknowledging their contributions to fostering understanding about this monumental project.
The seminar was attended by a diverse audience, including students, academics and professionals, and featured notable speakers such as educationists, President of the Women’s Chamber of Commerce and Industry Rabia Basri, and China Window Administrator Amjad Aziz Malik. The speakers shed light on CPEC’s strategic importance and the opportunities it brings to uplift the nation’s economy.
So far 14 projects have been completed with an estimated $15 billion investment (8020 MW, One HVDC Transmission Line) while two Projects are under construction with an estimated $2.5 billion investment (1184MW). The remaining projects are in the planning stages.
