Daily Times

ISLAMABAD: The Islamabad Chamber of Small Traders (ICST) said on Saturday that the China Pakistan Economic Corridor (CPEC) will boost the economy of the country.

ICST Patron Shahid Rasheed Butt said that the problem with the CPEC agreement was that much of it was secret and undisclosed. “This has given rise to rumours and doubts, which are keeping local and foreign investors away. Gwadar is set to become a port worthy of its geopolitical location but unnecessary secrecy may hit the project,” he said.

He said sufficient details about the project were not available. “The experience of African and Latin American countries with such projects can inform masses of the outcome of investments,” he said. The ICST patron said that greater transparency would lead to reduced suspicions and augmented interest on the part of local and foreign investors but it is not being ensured.

Shahid Rasheed Butt said that the government should take masses into confidence by informing about the amount of loans, repayments, interest etc.

The business leader said that unnecessary secrecy was against the national interests as it was giving birth to doubts among the masses and the business community.

“As part of increased Chinese investment, many countries have also agreed to give preferential treatment to Chinese companies and labour, which has limited growth opportunities for local companies. Thereby, reducing the positive impact of the investment on the masses,” he said.

Shahid Rahid Butt said that to ensure that Pakistani people and industry did not suffer, the government must not only develop contingency plans, it must also be more transparent about the deal.

“Some experts have estimated the annual repayments and other expenses worth $5 billion, which is too much,” he said.

Former PM strengthened democracy: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Saturday lauded former prime minister Nawaz Sharif and his party for showing political maturity after the Supreme Court of Pakistan verdict.

“Some of the leaders of the Pakistan Muslim League-Nawaz (PML-N) had expressed reservations over the disqualification verdict by the apex court. However, it was honourably accepted by the leadership of the party and they refrained from taking to the streets, which is laudable,” said Atif Ikram Shaikh, the FPCCI Regional Committee on Industries chairman.

“The political maturity of former PM Nawaz Sharif has strengthened the democracy in the country and ended the uncertainty that had gripped country for last one year,” he said.

He said that the ruling party enjoyed majority in the National Assembly. “Therefore, the new prime minister should be nominated as soon as possible, while the formation of the Cabinet should also not be delayed,” he said.

“Urgent nomination of the new PM is a must to save the country from political and economic uncertainty,” he said.

Shaikh said that PTI had also played an important political role in last one year. “It has infused new life in the process of accountability and made it a national issue,” he said.

“The PTI should not stop, but also press for the accountability of all the politicians and bureaucrats. This will not only boost its image, but also improve political and economic environment,” he said.

He said that the recent developments could have an impact on the investment climate, but it would be short-lived. “The verdict will not affect the Pak-China friendship or the CPEC project,” he said.

Published in Daily Times, July 30^th , 2017.