Pakistan among eight fast growing world economies, says Ahsan
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ISLAMABAD: Pakistan is among the eight fast growing economies of the world due to structural reforms introduced by the incumbent government, federal Minister for Planning, Development and Reforms Ahsan Iqbal said on Thursday.
Addressing the China-Pakistan Economic Corridor (CPEC) Investment Conference in Beijing, he said that Pakistani nation was united on the agenda of economic development and there was no threat of political instability in the country.
He termed the CPEC a historic opportunity and said it would cast a far-reaching impact on Pakistan’s economy. It offers equal opportunities of economic uplift to all provinces and regions of the country.
Under the CPEC, energy sector had been prioritised in the first phase, Mr Iqbal said, adding that the economic corridor would help build modern transport infrastructure in the country and make Pakistani economy competitive in the international market.
The minister said that Pakistan offered attractive opportunities to Chinese investors in minerals, agriculture, infrastructure, technology and industrial sectors.
Chinese technology and experiences in industrial sector coupled with Pakistan’s location and low cost of production could revolutionise the industrial sector of the country.
After $46 billion CPEC investment, he said, China topped the countries which had invested in Pakistani in two years.
He said that mineral-rich provinces of Khyber Pakhtunkhwa and Balochistan were attractive destinations for Chinese investors.
Meanwhile, Mr Iqbal and Balochistan Chief Minister Sanaullah Khan Zehri witnessed the signing of an MoU of collaboration between the Pak-China Investment Company, Frontier Works Organisation and China International Contractors Association during a seminar. The seminar was attended by around 200 representatives of top Chinese and Pakistani companies.
Published in Dawn, April 29th, 2016
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Comments (40) Closed
Apr 29, 2016 07:22am
Take big debt, make mega projects, make big commisions. and let next generation pay the debt. Formula for economic growth of N.S.
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Apr 29, 2016 08:01am
I agree Pakistan has improved a lot and still has a long way to go but please don't lie to the public or keep them in false hope. A search for fastest growing economies in the world places Pakistan at 59 the rank. Harsh truth will always be better than placating lies
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Apr 29, 2016 08:31am
Where these numbers came from ? Please identify the source!
Pakistan needs to attract other countries do not just rely on China!
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Apr 29, 2016 08:54am
Which are the other seven sir?
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Apr 29, 2016 08:59am
1. Stop overemphasising on CPEC and come out of this dream which China and politicians are selling.
2. Out of this $46b Contracts are given to Chinese companies and they are coming and earning the money from the projects so basically China is giving loan to pakistan to pay salaries to Chinese people.
3. CPEC is just a bilateral trade route from which China will be exporting goods easily without any duties because they have "funded" the project.
4. China is making similar alternative routes around central Asia so if you think only pakistan is the lucky one, you're mistaken.
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Apr 29, 2016 09:13am
Wow, one of eight fastest growing economies! The economic numbers do not match Federal Minister's claim. The ground reality in the country says a lot about current state of economy. Does this minister live in Pakistan?
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Apr 29, 2016 09:29am
Can't wait to come back.
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Apr 29, 2016 09:40am
Was he conscious while making these claims?
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Apr 29, 2016 09:43am
Is this the same country where power shortages are so acute that the once flourishing industries like the cotton mills have taken a nosedive?
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Apr 29, 2016 09:57am
Curious to know the name of other seven countries.
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Apr 29, 2016 10:28am
China should make it impossible for rulers to transfer 46 billion dollars to offshore companies.
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Apr 29, 2016 10:36am
With 46 billion investment done.I see naya Pakistan.
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Apr 29, 2016 10:38am
@delhidude other 7 economy are 1india ,2 China,3 Indonesia, 4 Bangladesh ,5 Malaysia, 6 Nigeria ,
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Apr 29, 2016 10:38am
@delhidude other 7 economy are 1india ,2 China,3 Indonesia, 4 Bangladesh ,5 Malaysia, 6 Nigeria ,
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Apr 29, 2016 10:50am
First of all, out of $46B, $11B is direct loan. So, it is actually $35B investment. And second, India is fastest growing economy in the world and pakistan is 8th fastest growing economy in Asia. Huge difference! So nothing to be proud of.
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Apr 29, 2016 11:00am
Why pakistan expect sombody ....like china come for rescue . Nobody come for , its all nation take care of themselves only .
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Apr 29, 2016 11:06am
Meanwhile India is fastest growing economy of the world and India launched 7th and last satellite of IRNSS series and becomes a country having its own navigation satellite like GPS.
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Apr 29, 2016 11:18am
Topped? Chiba is the only country to have invested in Pakistan.
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Apr 29, 2016 11:22am
@Chirag how it is bilateral benefited project to both Pak and China inculding other landlocked central east Asian countries. Pakistan benefited from improved infrastructure, import duties, custom duties, increase employment, induce local manufacturer to export through established exporting route.
What is your problem???
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Apr 29, 2016 11:52am
India should be happy about a developing Pakistan. It's the region which develops, Indians need to look at the bigger picture. Take the example of South Korea and Japan, far east, EU countries Germany, France and Britain.
Similarly United States and Canada in north America so on and so forth. A developing/developed India is ideal for the region particularly South Asia.
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Apr 29, 2016 12:14pm
@Virkaul ....CHINA is the only friend Pakistan has...
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Apr 29, 2016 12:34pm
Everyday we have hours power outage 8 to 12 hours.
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Apr 29, 2016 12:47pm
Should we Believed him ?? next day he will come with an statement like Pakistan is Superpower.
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Apr 29, 2016 01:14pm
China and our politicians will be benefited the most with this project. Chinese companies have the lowest standards when it comes to construction industry. Pakistan should have taken the money and should have allowed bigger companies from the country to do the work. Its a balloon which will burst very soon
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Apr 29, 2016 01:17pm
And whenever it happens, there is always someone to throw the spanner at the wheel.
The best thing to do is to do the right work, while keeping the mouth shut.
Advertise it to the western industrial groups and investors.
CPEC will be crticized by all. Because its good for this country. And the majority of those crticizing it are the ones who are not good for this country.
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Apr 29, 2016 01:41pm
in india know we dont have power cuts know...plenty of water...good roads...work for every one...we have alunched something like skill india ....many facilities lke mobile connectivity,wifi infrastructure , sport facilites medical facilities airports exits super markets movie industry strong tolerance for different religions lots of programming knowledge science and technology and what not...
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Apr 29, 2016 03:03pm
The government might boast its Economic policy achievements to the un-aware masses, but how do they not think before blatantly lying to the educated individuals of the nation. Economic Development that serves the elite is not what this country want. Until and unless the people at the very grass root level can manage a square meal and a prosperous life, no development can be regarded as beneficial in economials terms. Having un-precedented sky-scrappers do no good to the poor and depressed in the country.
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Apr 29, 2016 03:25pm
A developed Pakistan is good for India
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Apr 29, 2016 03:30pm
@vilas . True but in drought affected-areas water is transported by road-rail networks.
We must interlink rivers and remove dependence on seasonal-rains.
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Apr 29, 2016 05:15pm
@Shamail Shahid - See China has developed another route bypassing pakistan and going straight through Afghan and into Iran, India has another route in place which is known as International North South Corridor running from Iran to Russia encompassing all central Asian countries. And moreover they have shown there willingness in this trade route.
Also, I agree this would develop Pakistan's infrastructure but it doesn't mean that it would change fortunes of pakistan as politicians say. And China is not going to pay any taxes and duties to pakistan obviously if they are "funding" the project. Why on earth do you expect them to pay taxes?
There's nothing like free lunches.
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Apr 29, 2016 06:19pm
Yeah, you miss one word here that it is "Government" which economy is growing fastest, isn't it?
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Apr 29, 2016 07:02pm
@SAEED MASOOD Sir, China is not our friend! At this time their interests align with Pakistan's economic expansion. Stop living in a bubble!
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Apr 29, 2016 07:22pm
Stop makings these non sensible statements. Promote awareness for education, build good schools, universities. Give basic needs to poor people who still live on 1 meal per day. Look and learn from India, which became only the 5th country in the world to launch GPS satellite.
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Apr 29, 2016 08:55pm
@Vilas Are u really living in India bro ??
I don't see many of the claim u made in your comment to be true .Just claiming we are doing this , we have done that is not going to work .Just live in present bro .And I don't think u r living in India .
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Apr 29, 2016 09:03pm
Sudden discovery of huge caches of our foreign reserves in Panama has boosted our economic indices.
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Apr 29, 2016 10:31pm
@Farhan Rizvi;
'Look and learn from India, which became only the 5th country in the world to launch GPS satellite.'
India did it with Western help which is not available to us. We should learn from China to be self sufficient. The self sufficiency is based on self rule. We are ruled by leaders whose businesses are offshore, whose banks are offshore, whose doctors are offshore, whose schools are offshore and whose children are offshore, Pakistan is just their hunting ground.
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Apr 29, 2016 11:59pm
Don't care about numbers I will be happy if sees the real progress. Stop talking and start working!!!
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Apr 30, 2016 05:49am
According to which statistic? World bank 2015 top 13 economies list does not include Pakistan!!!
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Apr 30, 2016 06:06am
Why eighth? I think we are number one!
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Apr 30, 2016 06:10am
Where did Ahasan get his facts, what was the source? Or is this just another blanket statement to misguide the gullible? Also anyone can get massive growth but at what price, as in how much debt was incurred? We've already seen corruption in many projects like construction and energy sectors.
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