Pakistan

CPEC going smoothly despite challenges: Ahsan Iqbal

Planning and developing minister says the economic corridor will boost Pakistan's energy security and infrastructure

Reuters June 28, 2017

A container is loaded on to the Cosco Wellington, the first container ship to depart after the inauguration of the China Pakistan Economic Corridor port in Gwadar November 13, 2016. PHOTO: REUTERS

Pakistan has been smoothly implementing an ambitious plan to build an economic corridor with China, despite experiencing some challenges, Federal Minister for Planning and Development Ahsan Iqbal said on Wednesday.

China has promised $57 billion in investment in projects along the China-Pakistan Economic Corridor (CPEC), part of its ambitious Belt and Road plan linking China with the Middle East and Europe.

Chinese President Xi Jinping proposed the Belt and Road project in 2013, but it is still short on specifics.

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“We are smoothly implementing and we are very satisfied with the speed of the implementation," Iqbal, the Islamabad lead on the project, said on the sidelines of the World Economic Forum in the Chinese city of Dalian.

In addition to the investment pledges from China, Pakistan would invest close to $10 billion, he said.

The economic corridor, to be completed in three phases by 2030, will boost Pakistan's energy security and infrastructure, helping it attract more foreign investment, he said.

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Iqbal told the forum there were some challenges to be addressed, including on coordination among different government ministries and among "internal and external stakeholders".

"There are a number of challenges which have to be addressed," he said.

"There are actually many gaps that we have to correctly address. First and foremost is the coordination gap," he added.

Pakistan and China aim to build a network of rail, road and energy infrastructure as part of the Belt and Road initiative.

Pakistan has been one of the most enthusiastic supporters of the multibillion-dollar initiative, in part because many projects are for power plants to alleviate its chronic energy shortage that leads to frequent blackouts.

COMMENTS (2)

Hasan | 7 years ago | Reply True.

Syed Hashim Ali Hasan | 7 years ago | Reply No doubt it is a great initiative of the government but as a tax paying citizen of Pakistan I am very apprehensive as to why the is lack of transparency. For instance being a businessman I wonder if my sole existence depends on looking for some Chinese partners to survive or will they Chinese investors need support of the local businesses like in UAE. Government needs to be more open about the way cpec will contribute in our growth as our children's future depends on it. Hopefully the contracts will be negotiated with interest of the Pakistani people as a matter of priority and we do not end up in a relationship like we have had with the US , elite focused.

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