China determined to complete CPEC

Says it would be win-win for both countries

ISLAMABAD: China’s Ambassador in Pakistan Sun Weidong said that China-Pakistan Economic Corridor (CPEC) with $46 billion inflows entered into implementation phase and Beijing stood ready to work together with Islamabad for bringing benefits for people of Pakistan.

“We will follow rules of market and pursue win-win situation for both the countries under CPEC initiatives. Our broader framework has paid off as our leadership has given us blueprint and we need to implement it and make it a reality,” China’s Ambassador in Pakistan said while addressing special function here at P Block to celebrate 65th anniversary of the establishment of diplomatic relations between Pakistan and China organised by Planning Commission here on Monday.

Citing examples of different projects under CPEC, he said that this initiative of $46 billion had entered into implementation phase and said that Port Qasim, Sahiwal power projects, Thar Coal, Karakoram Highway, placing optical fiber from Rawalpindi to Kunjrab, Gawadar Eastbay project and Gawadar airport were under implementation.

He said that the strategic relation would be transformed into economic ties by creating win-win situation for both sides.On this occasion, Federal Minister Planning, Development & Reform Ahsan Iqbal said that hundreds of billions of dollars would be invested by private sector as well as multilateral creditors to ensure regional connectivity in this part of the world as the CPEC would play an important role to move towards this objective.

He said that the goal of CPEC is integration of both countries’ economies for industrialisation of Pakistan. China jumped to top foreign investor position in Pakistan after CPEC, whose first phase would be completed in 2018.

The next phases of CPEC would run into hundreds of billions of dollars portfolio investment through private sector collaborations in the coming years. Pakistan is also investing in CPEC projects from its own resources along with seeking financing from multilateral financial institutions under CPEC framework.

He touched upon the various dimensions of China-Pakistan relations and described the holding of the event at Ministry of Planning, Development & Reform a testimony of the fact the bilateral relations entered into geo-economic orbit. “Nature and geography gave Pakistan historical opportunity in 2013 when the prospects were not promising for Pakistan. China put confidence in Pakistan through CPEC when foreign and local investors were reluctant to invest in Pakistan”, he stated and added that CPE should not be construed a bilateral agreement but it has broader regional benefits for whole of region. Ahsan Iqbal said that apart from investment in physical infrastructure, CPEC would integrate the economies of China and Pakistan to develop industrialised Pakistan by turning it into trading & manufacturing hub of the region. Federal Minister said that future of CPEC depends on business enterprises in both countries. “Business enterprises in both countries will take over as they will realise the real potential of CPEC in the coming years”, Ahsan Iqbal believed.

Federal Minister Planning & Development said that CPEC would also create a competitive platform through Chinese’s investment & technology combined with low cost of production and location of Pakistan.

He said that CPEC would benefit every region and group of the country through creation of an ocean of prosperity. “PML-N government is committed to develop all provinces of the country and CPEC would help realise this vision of present government”, he said. Speaking about the progress on CPEC projects, the minister said that Quetta-Gwadar section of western route would be operational by December 2016 that will provide Afghanistan and Central Asian access to Gwadar port city. Ground breaking of D.I.Khan and Burhan section of western route took place and would be completed by June 2018 as per the commitment made with national leadership. Ahsan Iqbal pointed out that due to CPEC for the first time neglected treasure of Thar coal will be utilised for power generation and CPEC will trigger economic activities in far flung areas of Balochistan.

Federal Minister Planning, Development & Reform Ahsan Iqbal and Chinese Ambassador Sun Weidong jointly cut the cake of 65th anniversary of diplomatic relation between China & Pakistan. Special Assistant to Prime Minister on Foreign Affairs Tariq Fatimi and Secretary MoPD&R Yousaf Nasim Khokhar also spoke on the occasion.