LAHORE: National Assembly Parliamentary Committee for China-Pakistan Economic Corridor (CPEC) chairman Sher Ali Arbab says the CPEC has entered the third phase to help transcend both governments through speedy industrial and economic growth.

Speaking at a seminar on ‘Role of Parliament for Industrial and Economic Development under CPEC’ at a local hotel on Thursday, Mr Arbab said the CPEC had laid the foundation of great industrial and economic development as Pakistan would emerge as a global economic power after completion of the CPEC.

Mr Arbab said Punjab was the largest province of Pakistan having great investment opportunities and added that cooperation between Punjab and the federal government would be enhanced for exploring more investment openings as CPEC was a game-changer for Pakistan.

Mr Arbab said the parliamentary committee was holding such seminars at all provincial and regional capitals. The final round of discussion would be held at a national conference and the suggestions would be incorporated in a comprehensive document for implementation. He asserted that the parliamentary committee would overcome challenges and make CPEC more engaging and more rewarding for the country.

“Parliamentarians will perform better when the stakeholders educate us better,” he stressed.

Punjab finance minister Hashim Jawan Bakht said special economic zones in Allama Iqbal Industrial City, Faisalabad, was the Chinese investment under CPEC and the best facilities were being provided to the local and foreign investors as all the hurdles relating to red-tapism had been removed.

Chinese Ambassador in Pakistan Nong Rong while addressing the seminar through video link said Pakistan-China friendship was spreading over decades and economic cooperation was increasing with every passing movement. He further said numerous infrastructure projects had also been completed under CPEC in Punjab relating to industries, transport and energy sector.

Friedrish Ebert Stiftung country head Jochen Hippler also spoke.

Later, a sideline dialogue was also held relating to agriculture, industry and other sectors and experts gave their proposals reiterating to enhance cooperation in the technology sector and initiating joint ventures with Chinese companies.

Speaking at the dialogue, PML-N secretary-general Ahsan Iqbal said the business schools in Pakistan should collaborate with Chinese business schools to conduct joint research projects on business opportunities in China.

He said that he did not think that any chamber had done any study about the industries being shifted from China to other countries. He said China’s some industries were relocating all basic manufacturing operations to other countries and focusing more on innovation as well as research and development (R&D). He stressed that the chambers’ R&Ds do this research that which industry going where and which industry could be attracted to Pakistan.

Mr Iqbal said there were different dynamics for business to business relationships. “Our businessmen need to realize that business to business can only be effective if it offers profits in dollars and cents than merely raising China-Pakistan slogans,” he said. It was good to raise China-Pakistan slogans but at the end of the day in business profit matters, he added.

The PML-N secretary-general stressed the need for finding out that how Pakistan could create win-win opportunities, where Pakistani and Chinese businessmen could get together and make profits.

“You can only do this if you offer more competitive options globally,” he suggested.

Mr Iqbal also called for improving corporate governance to attract multinationals and direct foreign investment.

Published in Dawn, October 22nd, 2021