ISLAMABAD: The China-Pakistan Economic Corridor Secretariat has been formally inaugurated at the Planning Division with an aim to “transform the strongest political relations into economic relations”.

The secretariat was jointly inaugurated on Tuesday by Federal Minister for Planning and Development Ahsan Iqbal and Zhang Xiaoqiang, the vice chairman of National Development and Reforms Commission (NDRC), China.

The inaugural meeting of Joint Cooperation Committee (JCC) of the corridor was held between Chinese delegation — comprised of high government officials and prominent entrepreneurs — headed by Xiaoqiang and representatives of different ministries led by Iqbal.

In his opening remarks, Iqbal highlighted the need of transforming political relations into economic relations because they are of “great significance for the people of Pakistan”.

He said the corridor — from Kashgar to Khunjerab and Gwadar — was not merely a transportation link, but it was energy and telecommunication corridor also.China's development experience of past three decades is a role model for the people of Pakistan, he added.

He said that after the withdrawal of US troops from Afghanistan, there would be a vacuum, which could only be filled by generating economic opportunities in the region to create jobs and economic alternatives.

He said the economic corridor was of high potential for the people of Afghanistan in this regard.

“The corridor has bilateral links with India, Afghanistan and Iran and would bolster the development in South Asia and the Middle East,” he said.

Iqbal said, “Gwadar offers strategic opportunities not only to Pakistan and China but also to the rest of the world. We are keen to have Chinese investment in energy and infrastructure. We are already working with Chinese companies in Gadani coastal energy park and in solar energy projects.”

He assured his Chinese counterpart of full cooperation from the government to materialise economic relations.

Xiaoqiang said both countries had great potential for economic cooperation in future. He said the corridor “will not only promote trade but also bring stability in the region by creating jobs”.

“This project is important for the whole region,” he added.

Briefing the delegation about functions and working of the Planning Commission, Iqbal said: “We are in a phase of medium- and long-term planning to set targets for moderately good growth in GDP and living standard by 2025 and want to transform economy based on knowledge and expertise.”

He said that besides modernising infrastructure, energy was the government's focal point in long-term policies.

“We want to transform our exports from commodity into value-added sector by the help of technology and in our long-term planning private sector will be the leader of growth,”

He said special economic zones would be set up along with the corridor.

He also asked Xiaoqiang to raise the ceiling of investment by Export-Import (Exim) Bank and China Development Bank from $3 billion to $10bn for Pakistan’s development projects.

Xiaoqiang said China would invest in energy, transportation, infrastructure and export-based industries.

He also hoped the landmark project would serve as backbone for Pakistan's economy.—APP