Federal Minister for Planning, Development and Reform Prof Ahsan Iqbal said that China-Pakistan Economic Corridor has transformed Pak-China bilateral relations from a strategic nature to economic cooperation. China has emerged as a top country in respect of foreign direct investment (FDI) in Pakistan, he added.
The minister expressed these views on Saturday at Planning Commission during a meeting with Professor Justin Yifu Lin, Councilor of State Council and All-China Federation of Industries & Commerce Vice Chairman and former Senior Vice President and Chief Economist of the World Bank.
The meeting was also attended by senior officials from Ministry of Planning, Development and Reform.
He said that CPEC project has now gained significance not only for Pakistan but also for the entire world. “CPEC has introduced a new perception of Pakistan, and relations of both the countries have moved forward from a geo-strategic to economic partnership”.
The minister said that China’s FDI was 13 per cent of the total foreign investment in 2013, far behind other countries. “But now after CPEC, China has emerged as the top country in respect of FDI in Pakistan,” added Iqbal.
Ahsan Iqbal said that Europe and the US remained world leaders in the economy for centuries after the downfall of Asia. “After CPEC, Asia is regaining its historic role as a leader in industries, trade and economy,” said the Minister.
The minister reiterated that Pakistan wants to further enhance bilateral relations and cooperation with China in diverse areas, including trade, investment, education, communication and health.
He also said that the cooperation under CPEC has paved way for a significant change in different sectors, proving a project of sustainable growth and prosperity for neighbours. “It has scaled up Pakistan’s growth rate from 2.5 to 4.8 just in 3 years,” remarked Iqbal.
Federal minister said China has developed its industry, agriculture, health and education on modern lines, adding that on Pakistan’s side, serious efforts are needed to ensure transfer of knowledge and technology. Ahsan Iqbal hoped that Professor Justin Yifu can play a very crucial role in linking opportunities on both sides.
Professor Justin Yifu Lin on this occasion said China considers Pakistan’s development as its own development.
He said the promotion of industrial and trade relations between two countries will help develop a conducive environment for trade in the region. He said that the industrial cooperation between both the countries will help Pakistan to emerge as a new centre of trade and industrial production that will enhance export and reduce trade deficit of Pakistan.
During the meeting, Chief Economist Dr Nadeem Javid briefed the participants on state of the economy of Pakistan, Vision 2025, growth strategy and challenges
