Pakistan has immense opportunities for economic growth: Chinese envoy

KARACHI: Pakistan has immense opportunities for economic growth, but it needs proper planning, a diplomat said on Monday

Addressing a conference on “CPEC – Opportunities for construction industry”, held under Build Asia - 2017 Expo, Chinese Commercial Counselor Guo Chun Shui said that CPEC is important for future economic growth of both the countries.

China would work on transfer of technology to improve supply chain in Pakistan, he said, adding that his country is working on four important sectors under CPEC, including Gwadar Port, energy, infrastructure and industrial cooperation.

Technology transfer is necessary to bring Pakistan in the list of developed economies, Shui said, adding that work on all CPEC projects are underway on a fast pace and priority is being given to improve infrastructure.

Work on industrial zones has been started to improve the sector in Pakistan, he added.

The diplomat said Chinese entrepreneurs would undertake joint ventures with their Pakistani counterparts.

Murtuza Baloch, adviser to Sindh chief minister, praised the organising committee of the Build Asia International Expo in Karachi.

“A big number of foreigners are participating in the expo, which shows the confidence on Pakistan’s economy and peace,” he said.

“Our neighbouring countries, such as Iran and China, are supporting Pakistan and CPEC would be a game changer for Pakistan and for the region. Projects such as Karachi Circular Railways and Kati Bunder are also included in the CPEC, he added.

Baloch said that the provincial government is ensuring security to foreign investors. The provincial government would introduce a new plan for 1,409 Katchi Abadis in Karachi. Under the new plan, the government will provide residence at a lower rate, besides playing grounds and dispensaries will also be provided, he added.

Arif Jewa, chairman of the Association of Builders and Developers (ABAD), said that the construction industry has a share of 2.7 percent to the GDP. The government has not taken ABAD onboard on CPEC projects, he added.