ISLAMABAD – Chairman Senate, Syed Yousaf Raza Gillani, on Friday announced that the China Pakistan Economic Corridor (CPEC) has become a catalyst for investment and technology transfer, skill development, and knowledge sharing between the two friendly nations.

Launch Ceremony of Sustainable Development Report

Speaking at the launch ceremony of the “China Chamber of Commerce Sustainable Development Report 2023” co-organized by the Sustainable Development Policy Institute (SDPI) at the Pakistan Institute for Parliamentary Services (PIPS) Hall, Gillani emphasized the transformative impact of CPEC.

The report was unveiled by Chairman Senate, Syed Yousaf Raza Gillani, Chinese Minister Counsellor, Yang Guangyuan, Prime Minister’s Coordinator on Climate Change, Romina Khurshid Alam, and Chairman CCCPK, Wang Huihua.

Significant Impact of CPEC

Gillani highlighted Pakistan’s resilience and perseverance, stating that the CPEC is a bipartisan agenda with support across political parties. He credited the Pakistan Peoples Party (PPP) under Asif Ali Zardari for initiating CPEC and noted the continued commitment from subsequent governments including Pakistan Muslim League-Nawaz (PML-N), Pakistan Democratic Movement (PDM), and the current administration.

Streamlining Bureaucratic Processes

Gillani informed that bureaucratic processes are being streamlined and institutions like the Special Investment Facilitation Council (SIFC) are being developed to expedite projects under CPEC’s second phase, known as CPEC 2.0. He mentioned that CPEC has created 155,000 skilled and unskilled jobs for locals and that the signing of MoUs for CPEC’s second phase underscores continued collaboration in industrial development, green energy initiatives, and low carbon development.

Focus on Industrialisation and Sustainability

CPEC 2.0 aims to upgrade and focus on industrialisation, sustainability, and inclusivity. Pakistan appreciates President Xi Jinping’s commitment to funding $100 billion for Greening BRI initiatives, pivotal for development and environmental protection. Gillani urged Chinese companies to explore solutions for improving access to green financing tools and to initiate economic transactions in Chinese RMB instead of USD.

Positive Outlook from Chinese Representatives

Chinese Minister Counsellor, Yang Guangyuan, expressed confidence in Pakistan’s bright future, highlighting improved economic indicators and a significant increase in IT exports. He emphasized the need for new ideas and approaches to attract investors and acknowledged the success of existing Chinese investments in Pakistan.

Vision of Shared Prosperity

Federal Minister for Planning, Development, and Special Initiatives, Prof. Ahsan Iqbal, described CPEC as a vision of shared prosperity that will bring more development to the country and the region. Romina Khurshid Alam, Prime Minister’s Coordinator for Climate Change and Environmental Coordination, noted the strategic importance of CPEC in the global One Belt and Road Initiative (BRI) and highlighted new green financing tools developed by China.

Commitment to Sustainable Development

Chairman CCCPK, Wang Huihua, thanked partners and contributors, emphasizing the dedication of Chinese enterprises to sustainable development in Pakistan. He highlighted various projects under CPEC, including the Chashma Nuclear Power Plant project and Pakistan National Optic Fiber development.

Welcoming Remarks from SDPI

Dr. Khalid Waleed, Energy and Economic Expert from SDPI, highlighted the shift from CPEC 1.0 to CPEC 2.0, focusing on human-centric approaches and regional connections. He mentioned SDPI’s work on promoting B2B and G2G arrangements under CPEC 2.0.