ISLAMABAD: Prime Minister Shahid Khaqan Abbasi on Wednesday said that the Belt and Road Initiative (BRI) would create connectivity, linkages and boost economic growth in Central Asia and its positive impact was already being felt by Pakistan.

He was speaking at a panel discussion titled ‘The Belt and Road Impact’ at the 48th World Economic Forum (WEF) being held at Davos in Switzerland.

Prime Minister Abbasi is on a two-day visit to attend the event on the invitation of Swiss President Professor Klaus Schwab.

“The Belt and Road Initiative (BRI) is envisioned to enhance connectivity across continents through infrastructure investment, cultural exchange and technological development,” the premier said.

Pakistan, he said, recognised the initiative of Chinese President Xi Jinping who had created global connectivity for tomorrow through his vision.

Says the country’s cement industry has grown by 56pc while exports are up by 15pc

The BRI passes through 80 countries that generate 40 per cent of the global gross domestic product and account for 60pc of the world population. Spanning four continents, the New Silk Road is being deemed as the largest infrastructure project in history.

Other panellists in the discussion were Asian Infrastructure Investment Bank (AIIB) President Jin Liqun, Managing Director Caixin Global, Li Xin, Chief Executive Officer Russian Direct Investment Fund, Kirill Dmitriev and China National Machinery Industry Corp (Sinomach) chairman, Ren Hongbin, Minister of Singapore, Chan Chun Sing, and Chairman and Chief Executive Officer of AECOM, Michael S. Burke.

The participants explored implications for regional collaboration and the expansion of clean infrastructure and offered their perspective on what the project would offer the world.

Prime Minister Abbasi said that the BRI would create linkages among the countries and its people, adding that the impact of the initiative was already being felt by Pakistan as a new power project was in the pipeline, and the railway sector as well as new motorways and road structures were being upgraded.

Sharing the project’s impact further, he said the country’s cement industry had grown by 56pc while exports were up by 15pc, adding that the project had resulted in the creation of “great investor confidence”.

Despite the fact that Pakistan was putting to work several coal-fired power projects, the prime minister added, the net effect on the environment would be positive as the country had cut down on the older, inefficient furnace oil-based power plants.

He said Pakistan, through the construction of its roads, rails and port, was providing connectivity to the Central Asian Republics.

The Belt and Road project, said Mr Abbasi, was perfectly in sync with this year’s WEF meeting as it looked forward to a shared future, particularly among the participating countries.

Talking about foreign investments under the project, he said there was a need to ensure that the projects did not create any distortions and that despite the bilateral constraints, a level playing field should be provided to all investors to achieve optimal benefits.

The panel was enthusiastic about the project which they believed would be of far-reaching impact, particularly as most of the countries were less developed and would benefit from the economic activity generated by it.

The speakers were of the view that the Belt and Road would help bridge the technological gap between the participating countries and would be sustainable. The participants also called for greater connectivity and interdependencies for enhanced benefits.

When asked by the moderator to sum up the project’s importance for the audience, Mr Abbasi said the initiative should create jobs while other speakers called for continued consultation, common connectivity and sustainable social lessons, global collaboration and signature projects.

Published in Dawn, January 25th, 2018