PESHAWAR: Adviser to Chief Minister on Finance Muzzammil Aslam has said that the second phase of China-Pakistan Economic Corridor (CPEC) will usher in a transformative era of industrial and economic development in Pakistan.

A statement issued here said that he was addressing at a seminar organised by China Window at a private university. He highlighted the immense potential of second phase of CPEC to reshape financial and industrial landscape of the country.

The seminar was attended by students, academics and professionals. Dr Khalid Khan, Prof Gulzar Jalal, Women Chamber of Commerce and Industry president Rabia Basri and China Window administrator Amjad Aziz Malik also addressed the seminar. They shed light on CPEC’s strategic importance and the opportunities it would bring to uplift national economy.

Mr Aslam stressed the need for leveraging the expertise of Chinese investors and industrialists to expedite Pakistan’s journey towards sustainable development. “Factories in Rashkai Economic Zone are already operational and their positive impacts will soon be evident,” he remarked.

He expressed optimism about creation of jobs and economic uplift of Khyber Pakhtunkhwa. He added that those industrial projects would not only improve provincial economy but would also contribute significantly to national growth.

Acknowledging shortcomings in the first phase of CPEC, the adviser highlighted the need to restore confidence of investors and ensure security of Chinese stakeholders. With investment already reaching $30 billion and expected to surpass $60 billion, practical measures were needed to maximise the benefits of that historic initiative, he said. “The onus lies on us to make the most of this golden opportunity,” he said, urging policymakers to adopt a proactive approach.

Mr Aslam also highlighted the pressing issue of skilled labour migration, saying an estimated 1.6 million workers left Pakistan during the last two years. He called for comprehensive planning to harness CPEC’s potential for economic and social growth. “It’s crucial that we build a skilled workforce to meet the demands of upcoming industries while ensuring employment opportunities for our youth,” he added.

Dr Khalid Khan underscored CPEC’s role as a cornerstone for development of Pakistan, urging federal and provincial governments to accelerate its progress and address prior inefficiencies.

Prof Gulzar Jalal and Rabia Basri stressed the need for learning from China’s success in poverty alleviation and integrated planning. They called for strategic measures to tackle challenges and ensure success of the project.

The organisers of China Window reiterated their commitment to raising awareness about CPEC’s importance, organising province-wide seminars to highlight China’s unwavering support for Pakistan. They said that such initiatives would help to foster stronger ties between the two nations.

Published in Dawn, December 4th, 2024