‘Chinese investment to open new avenues’

LAHORE: Pakistan should be very cautious while implementing the recently signed Sino-Pak agreements because of the impression whether the country has been leased out to China. However, the $48 billion Chinese investment can open new avenues for the foreign investment in Pakistan.
These views were expressed by experts at Jang Economic Session on ‘Chinese President’s Pakistan Visit – How Pakistan Become Asian Tiger’ on Thursday. The panellists were Ghulam Mustafa, Tahir Basharat Cheema, Farooq Hassnat, Dr Hafeez-ur-Rehman, Huzima Bokhari and Sajida Mir while the programme was hosted by Sikandar Lodhi.
According to Ghulam Mustafa, Pakistan’s ties with China are sensitive so that vigilance is required while implementing the agreements. The Chinese sell best to worst quality items which affect the local economy while corruption is very high there with Pakistan also reaching that level.
He believed that the economic corridor was for Chinese security which gave an impression that Pakistan put itself on stake. He said Gwadar Port would affect the Iranian ports for which Pakistan would take Iran into confidence. He said Pakistan was paying a high cost of already ongoing projects while China was aiming at getting rid of its coal projects by transferring them to Pakistan.
Tahir Basharat Cheema said China had started new paradigm of support by making commercial investments so that sovereignty and economic interest should be protected in the name Sino-Pak friendship. He said western China was not progressing like the eastern China and therefore the Silk route was being established to reach that region.
He called for improvement in governance while implementing the agreements and said terrorism issue of China was local and Pakistan was not involved in it. Effective planning was required to benefit from the power sector investment as the Chinese would try to impose their conditions which might increase power tariff in Pakistan.
Farooq Hassnat said the Sino-Pak agreements had created a hope about ending the loan regime as long-term investment not only improved infrastructure of a country but also had positive impact on health, education and other sectors, employment opportunities. He called for improving the local condition to maximise the benefit from these deals. He said the Chinese president visit was also strategic and political while the government should do the best efforts to make this visit successful.
Dr Hafeez-ur-Rehman said the Chinese investment created ray of hope which would provide employment opportunities and helpful in modern technology. He said investment in energy sector would helpful in controlling the energy crisis.
He called for discouraging corruption at every level to make these projects successful. He believed that if economic corridor would be politicised then it would also become a Kalabagh Dam-like issue. He said vested interests were creating an impression of negativity about these projects.
Huzima Bokhari said local and foreign investment had been transferred from country due to law and order situation while the Chinese investment would improve infrastructure development and bring back capital to Pakistan. She said coal power was not environment friendly while hydel power was cheap. She said 4 per cent growth rate was required for economic development. Sajida Mir said that China has proved its friendship with $48 billion projects agreements but corruption issue could create problems.