KARACHI: Against the backdrop of China’s invitation to India to join its One-Belt-One-Road (OBOR) project, Chinese Consul General Wang Yu on Monday said that one of the major purposes of building the China-Pakistan Economic Corridor (CPEC) was to promote regional development and cooperation.

Talking to Dawn at an interactive session on ‘Pakistan’s Vision 2025 with special reference to CPEC as a Gateway to Pakistan’s Future Prosperity’ hosted by the Karachi Council on Foreign Affairs at a local hotel, Mr Yu said: “The one-plus-four structure of cooperation of OBOR initiative with CPEC as a pillar will open avenues of regional collaboration in diverse fields not only in the short term but also the long term.”

Emphasising the need to promote diplomatic development, the ambassador, while addressing the session, said: “The Silk Road business summit in Beijing — to be held later this month — will discuss prospects of new platforms and address problems related to global economy.”

The summit will be an important platform to encourage global connectivity as it will be attended by 28 world leaders, representatives of 110 countries and 61 international organisations, he added.

Speaking at the event, Sindh Governor Mohammad Zubair said: “Out of the $60 billion invested by China in the project, $34bn will come to Pakistan. It is the biggest investment venture in the history of Pakistan and the real challenge is how to deploy it in the most effective manner.”

Appreciating Canadian High Commissioner Perry Calderwood’s interest in CPEC, as well as of business councils of other countries, he said it was necessary for diplomats and businessmen to reflect upon the positive side of Pakistan. “The reality is far better than the perception. Karachi is 90 per cent better as the financial hub of Pakistan than it was before. The city is safe, secure and blooming with business for foreign investment,” he stressed.

CPEC a game-changer?

Reflecting upon the potential of CPEC as a “game-changer”, keynote speaker of the session, senior economist Dr Kaiser Bengali commented: “CPEC has the potential to break down age-old barriers. It can lead to a trade opening from the west between Gwadar and Chabahar port in Iran translating into a trans-shipping port.”

The shorter route from Hasan Abdal to Wagah could channel increased trade from the east as well, he added.

Talking about Balochistan’s share in the corridor, Dr Bengali said the province could become a zero employment economy if half the total number of jobs [1.5 million] was created and issues of internal connectivity through accessibility and lack of skilled human resource were catered to.

“Pakistan’s share in Gwadar is about 9pc only. Nobody is against CPEC, but potential risks and feasibility must be ensured for the project to benefit Pakistan,” he said, adding that there was an ambiguity as to what would be the provincial share from Gwadar-Khunjerab highway and the management of port revenue, protection of a foreign road and sea lanes.

The session was attended by the chairman of Korea-Pakistan Business and Friendship Council, presidents of Pakistan-Australia, Pakistan-Belgium, Pakistan-Russia, Pakistan-Japan, Pakistan-Iraq, Pakistan-France and Pakistan-German business forums as well as the Canadian high commissioner and other diplomats.

Published in Dawn, May 10th, 2017