‘All CPEC projects to be completed on time’

Government wants to run Gwadar port free from all bureaucratic hurdles, says Iqbal

KARACHI: The China-Pakistan Economic Corridor (CPEC) is fast turning into an economic reality and is gradually dispelling all doubts that some people have had about its viability and security, Federal Minister for Planning, Development and Reform Ahsan Iqbal said.

Iqbal visited the head office of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to speak on the proposed economic zones to Gwadar Kashgar Corridor.

Read: CPEC project: PM, army chief agree to bolster corridor security

For the first time, Fitch Ratings has assigned Pakistan a long-term foreign and local currency issuer default rating of ‘B’ with a stable outlook. In its report, it mentioned that the CPEC initiative could significantly strengthen Pakistan’s economic fundamentals. However, it said that the rate of progress with the scheme and the cost of any debt financing incurred by the Pakistani sovereign remains to be seen.

“Whatever little doubts that foreign rating agencies or media have about CPEC is because of the speculations of Pakistani media. I once again assure you all that the government of Pakistan is going to complete all CPEC projects on time,” he said while referring to Fitch report on Pakistan.

The business people and industrialists who attended the meeting urged the federal minister to ensure one-window operations for Gwadar port and its related projects.

“Our government wants to run Gwadar port free from all bureaucratic hurdles so that it attracts investments. And, I assure you all that the Chinese are already on board,” said Iqbal.

“There is no doubt that CPEC projects are going to improve infrastructure in Pakistan, but the main focus of Pakistan should be to look for transfer of technology from Chinese firms so that in future it can complete big projects on its own,” said Amin.

Read: UK to partner in CPEC, provide $121.6 million grant

Meanwhile, participants said the government should expedite work on major infrastructure projects for economic development.

Published in The Express Tribune, September 18^th, 2015.

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