CPEC second phase crucial for economic revival of Pakistan: PM’s aide on CPEC

Islamabad: Prime Minister Imran Khan’s aide on China-Pakistan Economic Corridor (CPEC) affairs Khalid Mansoor has said that the second phase of CPEC was crucial for the economic revival of Pakistan.

Mansoor, Special Assistant to the Prime Minister (SAPM) on CPEC affairs, predicted that the second phase of the CPEC will accelerate the socio-economic development in Pakistan.

Speaking at the China-Pakistan Economic Corridor (CPEC) Industrial Cooperation Business-to-Business (B2B) Investment Conference here organized here, by the Board of Investment (BOI), the PM’s aide mentioned that the CPEC second phase had a special focus on industrial cooperation among others. He expressed the commitment to making Pakistan a manufacturing hub through the industrial revolution.

“The government has been taking effective steps for the industrial revolution in the country, thus CPEC is one of the most important projects in this regard,” Mansoor maintained.

He added that prudent policies were also being formulated to provide maximum facilities to local and foreign investors to create an enabling environment of investment and business. “CPEC will prove to be a milestone in promoting regional economic integration,” he contended.

Mansoor stressed that the government was committed to the timely completion of CPEC projects to bolster the national economy as well as reduce poverty.

The SAPM spoke about the way forward on the process of industrialization in Pakistan under CPEC.

He shared that now the entire focus is on phase II of CPEC which will be all about expansion and development. He added that during this phase the four Special Economic Zones (SEZs) are being focused with special attention given to textiles, Information Technology (IT), automobiles, pharmaceuticals, Fast-Moving Consumer Goods (FMCG) and renewable energy.

He also apprised the participants on the recent improvements introduced in legal regime to facilitate investors by the BOI and the CPEC Authority in regards to one window operations.

In his speech, Provincial Minister of Punjab for Industries and Commerce Mian Aslam Iqbal talked in detail about the potential of economic sectors of Pakistan, especially those of Punjab with special focus on agriculture, textile, food processing etc.

He also shared that there is a good opportunity for Chinese firms to invest in the Naya (new) Pakistan Housing and Development Authority and mentioned tourism sector of Pakistan as having great potential.