Rupee value to increase due to CPEC: Ahsan Iqbal

Minister says Pakistan will see new middle class with GDP growth

LAHORE: Federal Interior Minister Ahsan Iqbal said a new middle class market will emerge in Pakistan as the country achieves the gross domestic product (GDP) growth target of 6%.

He added that the value of the Pakistani rupee, which recently plunged over 9% against the US dollar due to a bulging current account deficit, is likely to increase due to investments in the China-Pakistan Economic Corridor (CPEC).

While addressing the 'Think and Grow' summit, he said investors from Europe, Middle East and other parts of the world would start businesses in Pakistan, which will create a positive impact of CPEC on their economy. The summit was hosted by the University of Management and Technology, Lahore in collaboration with the Pakistan Industrial Technical Assistance Centre and the Centre of Excellence CPEC.

 Iqbal said that CPEC would be completed by 2030 in three phases. In the first phase of CPEC, energy and physical infrastructure would be developed by 2020, he said, adding that the roadmap for the formation of a National Internal Security Policy (NISP) is centred on goals defined in Vision 2025, which envisage sharing peace, stability and development.

Speakers at the summit called for actively engaging the Pakistani workforce in CPEC in order to provide them first-hand knowledge, experience and engineering being applied by Chinese experts.

They said once the project is fully functional in 2030, foreign direct investments in key areas are likely to pour into Pakistan, resulting in greater opportunities for both countries.

Addressing the summit, UMT Chairman Dr Hasan Sohaib Murad said CPEC is a beacon of hope.

He said current business models need to be replaced with new and innovative ones in order to oversimplify the business culture and attract more locals to take the risk of investment.