CPEC a transformational and a fiscally responsible project: DG China
by Mariam Raheem
ISLAMABAD, Mar.10 (Gwadar Pro) - “CPEC is a transformational and a fiscally responsible project. Pakistan and China are firmly committed to the timely completion of CPEC projects and making it a High-Quality Demonstration Project of BRI”, this was underscored by Director General China Division, Muhammad Mudassir Tipu in a panel discussion titled “Upscaling the Economic Activities of CPEC: Opportunities and Challenges”, held at Institute of Regional Studies, Islamabad.
Chairing the panel discussion, Dr. Ishrat Hussian, former Governor State Bank and Advisor to the Prime Minister on Institutional Reforms and Austerity maintained that CPEC is misunderstood and misconstrued as a mere road project, when essentially it is a corridor. He said that investments in energy and infrastructure sectors have come through FDI, while the Chinese government has committed to providing grants of worth USD 1 billion for the socio-economic projects. He also underlined that the argument of the debt trap is false as the debt component of the project is financed through concessional rates of 2.34 percent.
DG China underscored that the event coincides with “Two Sessions” of NPC and CPPCC, being held in China and the celebrations of the 70th Anniversary of the establishment of Diplomatic Relations between China and Pakistan. He said that the panel discussion is well-timed as the events it coincides with, are of immense importance for the future of China and Pakistan.
“CPEC energy and infrastructure projects had created thousands of jobs and had boosted industrial growth and productivity. It testified to the fact that CPEC’s contribution to strengthening Pakistan’s economic landscape has been real and substantial,” he emphasized, “Pakistan’s focus in the next phase of CPEC was on industrialization and socio-economic development, areas that will create jobs and growth opportunities for the common people. Three out of the nine CPEC SEZs, namely Rashakai, Dhabeji and Allama Iqbal, have been prioritized and Pakistan would welcome Third Party foreign direct investment in those projects.”
He also underscored that both the countries are following elaborate consultations with an over aching institutional mechanism in the form of the CPEC Joint Coordination Committee, under which ten Joint Working Groups for various areas of cooperation operate. He highlighted that CPEC is a long term project, and its dividends will be demonstrable in the long-term. He particularly underlined that CPEC is a testament to the “All-Weather Strategic Cooperative” partnership between Pakistan and China as well.
The discussion was joined by various speakers from academia and policy circles. In his address, President IRS, Ambassador ? Nadeem Riyaz emphasized the need of holding such discussions in the current times and thanked the participants for sparing time for the event.
(Editor:Liao Yifan)