WASHINGTON: Minister for Planning and Development Prof Ahsan Iqbal has said that China Pakistan Economic Corridor (CPEC) was in sync with Pakistan’s Vision 2025 that seeks to position Pakistan from a lower middle income country to high middle income country.
He was speaking at a function hosted by the United States Institute of Peace (USIP) for a discussion on China Pakistan Economic Corridor (CPEC).
In his remarks, Prof. Ahsan Iqbal highlighted that the China-Pakistan Economic Corridor (CPEC) had emerged in the context of robust economic growth taking place in the larger Asian region as well as immense potential for growth and connectivity in South and Central Asia. He pointed out that the ultimate objective of this corridor is peace, prosperity and well being of the people of the region. CPEC was in sync with Pakistan’s Vision 2025 that seeks to position Pakistan from a lower middle income country to high middle income country.
Outlining the contours of the CPEC, Prof Iqbal said that bulk of the investment under CPEC was in the energy sector and infrastructure was the second most important sector of CPEC. These projects have stimulated overall economic growth in Pakistan and Pakistan’s steel, cement, and construction sectors were booming.
Prof Ahsan Iqbal informed the audience that as a result of robust investment in Energy sector, Pakistan is expected to add a phenomenal 10,000 MW to the national grid.
Responding to various questions, Prof. Ahsan Iqbal outlined Pakistan’s vision for a peaceful and prosperous neighborhood and a desire for inclusivity in development. He said that Pakistan’s economic turnaround had been registered positively by credit rating agencies and had already begun to invite significant investment.
He underlined that a vibrant economic environment in Pakistan should be a stimulus for the US companies to view Pakistan as an opportunity.
The event was attended by scholars, members of Pakistani American community and representatives of the media.
