Better late than never

The China-Pakistan Economic Corridor CPEC, a great game changer, is a long -term strategic programme being implemented by China in Pakistan. C PEC is designed to foster industrialization, trade facilitation, regional connectivity, integration within global value chains, and socio-economic development. The CPEC, a n initiative under the Belt and Road Initiative (B RI) of Chinese President Xi Jinping, also focuses on poverty alleviation, agricultural modernization operationalization of Gwadar Port, and promoting the blue economy.
The first phase of the C PEC has quite successfully been completed during which Early Harvest Projects were prioritized focusing heavily on energy and infrastructure. These early investments duly addressed critical deficiencies and solid foundation for accelerated economic growth and around 38 projects were completed in numerous sectors worth more than $US $25 billion as a result of which Pakistan has seen a rise in the industrial activity, improved logistics, and growing investor confidence and also .delivered a long-term stimulus to the national economy.

The first phase of the CPEC has quite successfully been completed
during which Early Harvest Projects were prioritized focusing heavily
on energy and infrastructure. These early investments duly addressed critical deficiencies and solid foundation for accelerated economic growth and around 38 projects were completed in numerous sectors worth more than $US $25 billion as a result of which Pakistan has seen a rise in the industrial activity.

It was in the air for sometime that on the basis of appreciable achievements during the first phase that the C PEC should be expanded and upgraded covering more corridors additionally than the economic corridor. This important development was under discussion and deliberated a t the highest appropriate levels in Beijing and Islamabad for some months. But, somehow, an official launching of the C PEC expansion and up gradation was being delayed on one account or the other. However, the developments which took place during Prime Minister Shehbaz Sharif’s visit to Beijing and interaction with the top Chinese leadership were quite appreciable and indeed welcomed a s it was better late than never.
China and Pakistan have a t last agreed to upgrade the great game changer China Pakistan Economic Corridor CPEC which has since transitioned into its Phase 2.0 after successful completion of the first phase. The new five Corridors are for Growth, Innovation, Green Development, Livelihood, Regional Connectivity/Openness thereby prioritizing industrialization, socio-economic development, and regional connectivity.
While in China, the PM availed the opportunity to hold bilateral meetings with a number o f world leaders present in the SC O Summit in Tianjin including Russian President Putin , Turkish President Erdogan, Presidents of Azerbaijan and Uzbekistan and exchanged views for further strengthening the prevailing friendly relations and promoting, trade , economic and investment cooperation in a mutually beneficial manner.
The PM, who was accompanied by a high level delegation, not only held one on one meetings with Chinese President Xi Jinping and Premier Li Qiang but also led delegation level talks with the Chinese hosts in Beijing.
The Chinese and Pakistani leaders discussed bilateral ties and economic cooperation, reaffirmed shared resolve to further strengthen the iron-clad, all-weather strategic cooperative partnership between China and Pakistan.
The PM also addressed the B2B (Business to Business) Investment Conference in Beijing where a large number of Chinese businessmen had hooked up with Pakistani businessmen marking the new phase o f C PEC which indicates a good and promising shift from just being primarily government to government interaction to Chinese and Pakistani businesses to business contacts. This had become quite clear a t the B2B Investment Conference with the signing of a s many as 21 Memorandums of Understanding (Mo Us) and joint ventures worth about $ 8.5 billion covering agriculture, electric vehicles, solar energy, health, chemicals and pharmaceuticals, and iron and steel , science and technology, Information Technology, media and other sectors, from now onwards, CPEC would not just be served by roads and rail such a s smooth passage of goods and raw materials from Gwadar Port from China through Pakistan but also by establishment of the Special Economic Zones (SEZs) where goods of the sorts would be manufactures for export. Following the signing o f a number of Mo Us and Joint Ventures, these SEZs would not be activated with the planned up gradation of the main railway line from Karachi to Peshawar (ML-!) a s the focus of the C PEC ‘s next phase is going to b e o n infrastructure development.
The PM held a bilateral meeting with Chinese President Xi Jin pingat the Great Hall of the People wherein both the leaders agreed that the relationship between both the countries was quite unique and unparalleled which must be duly reflected in their enhanced cooperation . President Xi Jinping’s vision for Pakistan quite obviously duly emphasized sustained development, strengthened economic cooperation and shared prosperity, highlighting the importance of security, strategic partnership and regional progress for a mutually beneficial future.
On his part, PM Shehbaz Sharif during his interaction with the top Chinese leadership availed the opportunity to express deep gratitude to the Chinese leadership and nation for their unflinching support to Pakistan’s territorial integrity, sovereignty, and socio-economic development. The PM paid rich tributes to China’s quite impressive transformation under President Xi Jinping’s visionary leadership . Terming the signing of the Joint Action Plan 2024-2029, as an important step, the PM congratulated the Chinese leadership on hosting quite successfully the SC O Council of Heads of State Summit in Tianjin . Security of the Chinese personnel working on different development projects in Pakistan mainly under the overall framework o f C PEC also figured during the PM’s meetings with President Xi Jinping and Premier Li Qiang .
The PM’s another visit to China and interaction with top Chinese leadership quite obviously augurs well for taking the Pak-China ties to unprecedented heights and signing of a number of Mo Us and joint ventures a t the B2B Investment Conference a s well as up gradation of the C PEC was quite a positive step forward in this regard. Hopefully, implementation of the Mo Us and joint ventures would be ensured quite sincerely, dedicatedly and determinedly for ensuring reaping of the mutually beneficial fruits positively for both the countries a t the earliest possible, please.