CPEC generating interest from developed economies

China also keen to welcome enterprises from UK and other western nations

BEIJING: There is great potential for developed economies like the United Kingdom (UK) to join the China-Pakistan Economic Corridor (CPEC) and other projects in China's One Belt, One Road (OBOR) initiative.



"The UK is poised to be a key partner of CPEC" and will host a conference in Islamabad in May, Chinese newspaper "Global Times" quoting a UK government's website reported on Friday.

The news offers a positive signal that the CPEC has received an increasing amount of attention from developed economies. China is likely to welcome enterprises from the UK and other developed nations to participate in the construction of CPEC which has long been seen as a flagship project in the OBOR initiative.

The initiative not only provides a platform for China and countries along the routes to enhance cooperation, but also adheres to the principle of openness and inclusiveness in global economic development. Currently, China is encouraging wider participation from developed economies in the initiative.

In March, New Zealand signed a cooperation agreement with China on the OBOR initiative, a first for western developed countries. An OBOR initiative summit, to be held in Beijing in May, will also provide an opportunity to enhance cooperation between China and developed countries.

It can be expected that the CPEC and some other projects in the initiative will get more attention from western leaders in the coming months. The steady development of CPEC has made Pakistan more attractive to foreign investment.

Some developed countries, as the traditional foreign trade partners of many emerging economies along the OBOR initiative, have a clear intent to increase trade with those countries, Pakistan included.

Pakistan's enthusiasm 

Minister for Planning, Development and Reform Ahsan Iqbal has stated that Pakistan welcomes the desire of Britain to join the multi-billion dollar CPEC project.



He added that several other countries in the European Union (EU) and the Central Asian Republic are also evincing keen interest in the mega project. This proves that the project is not only restricted to Pakistan and China, but has a greater regional impact.

The minister said that CPEC, which has changed the image of the country, would make Pakistan a hub of manufacturing and commerce.

Published in The Express Tribune, April 8^th, 2017.

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