Islamabad: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Tuesday advocated for enhanced business-to-business cooperation between Pakistan and China, underscoring the objectives of the second phase of the China-Pakistan Economic Corridor (CPEC 2.0) which include industrial development, export growth, technology transfer, and increased private-sector investment.
According to Press Information Department, the minister addressed these topics during a meeting with a business delegation from Xinjiang, China, led by H.E. Yuan Jianmin, Senior Advisor to the Xinjiang Government. Emphasizing the historical partnership between the two nations, Iqbal highlighted Xinjiang’s unique role in strengthening bilateral relations through shared borders and the Karakoram Highway. He stressed the need to eliminate trade barriers and enhance business linkages to ensure the success of CPEC 2.0, surpassing its initial phase.
Iqbal reflected on CPEC’s past achievements, noting a transformation of a 2013 agreement into over $25 billion in investments within five years, which included significant contributions towards alleviating Pakistan’s energy shortages. The minister outlined CPEC 2.0’s focus on industrial cooperation, private sector mobilization, and advancements in mining, information technology, and educational exchanges. He emphasized export-led growth as a critical factor, suggesting that an additional $7 billion in exports over the next three years could fortify Pakistan’s economy and reduce dependency on external financial assistance.
Iqbal urged Chinese investors to establish manufacturing bases in Pakistan, positioning the country as a regional production and export hub. He stressed that industrial cooperation and export-oriented investment would facilitate higher-value production and job creation, strengthening Pakistan’s economic foundation under CPEC 2.0.
H.E. Yuan Jianmin commended Iqbal for his significant contributions to Pakistan-China economic cooperation, acknowledging his pivotal role in the success of CPEC. Yuan highlighted opportunities for expanding cross-border trade through the Khunjerab Pass and establishing a China-Pakistan border trade market. He identified potential areas for Chinese investment in manufacturing, new energy, and advanced technologies, expressing optimism that CPEC 2.0 would yield substantial results through the collaborative efforts of both countries.
The meeting reinforced the commitment to translating the enduring Pakistan-China friendship into robust commercial partnerships, increased trade, and mutually beneficial investments.