The ailing economic engine of Pakistan is struggling to be back on track with full momentum as progress is being made in the realms of economics. The current government is pushing every limit to stabilize Pakistan’s economy and having a hard turf in doing so. In this time of economic hardships, China as usual has been a constant relief by not letting Pakistan feel left out. The iron brother is standing next to Pakistan with full support.
The envisaged mega project of China-Pakistan Economic Corridor has successfully covered its first lap and has now entered into its second phase with its progress in full swing. After the completion of energy and infrastructure related projects in first half, second one will focus more on the developments of socio-economic fabric of Pakistan to support its economy. It can be said that the first phase was setting the grounds through providing the basics to industrialize Pakistan by contributing in the realms of energy and infrastructure. Whereas now, during the second phase target is to build a rather stable and promising economy on those foundations by means of promoting socio-economic development.
After early harvest phase, it is time for CPEC to reap the socio-economic indicators. From the beginning, it has been said that CPEC is not just a route it is a proper package of developments. It is a route of and towards developments. This statement seems solidified after the result of first phase and ignition of second phase. Now is the time for those who had doubted CPEC and its plans at any point in time simply need to get their facts straight now.
The second phase focuses on industrial cooperation, development of agriculture and promotion of trade which means that now private business community will also be involved in it. The government of Pakistan is also taking difficult decisions in this regard and which has proved to be fruitful where Pakistan has improved 30 places on World Bank’s list of ease of doing business.
Recently, when Prime Minister Imran Khan inaugurated 1,320-megawatt China Hub Power Generation Plant in Balochistan, he said that the government will support any joint investment projects which involve companies from China and Pakistan under CPEC which itself is a good initiative to pull the business community and attract investment.
The second phase focuses on industrial cooperation, development of agriculture and promotion of trade which means that now private business community will also be involved in it. The government of Pakistan is also taking difficult decisions in this regard and which has proved to be fruitful where Pakistan has improved 30 places on World Bank’s list of ease of doing business
The government needs to boost the projects vitality so that more and more companies of private sector get involved in it and government restrict its role to a facilitator giving room to private investment and business. Keeping an idea of check and balance on private companies would also be necessary so that the mega project runs smoothly to its competition. In order to facilitate further and smoothen the pace of CPEC, the government has formulated CPEC authority to bring CPEC dealings under one roof. Through this, it would be easy for people linked with CPEC to work and progress the growth of CPEC.
Past few months a notion was circulating to sabotage the CPEC with numerous narratives surfacing like CPEC is dead and CPEC is no more. Recent developments in CPEC is clear indicator of the fact that CPEC is going with full velocity. Lately Pakistan has done the deal of around USD 9 billion with China for ML-1 which is clear evidence of the fact that CPEC is on right track and will move further against the wishes of hostile actors. Recent visit by Pakistan’s Prime Minister Imran Khan to China is also evident of the fact that CEPC is here to stay and will grow with full zeal.
Despite the fact that current government in Islamabad is facing grave challenges when it comes to economy the government is hopeful that progress in CPEC will cushion the economics of the country. Moreover, in this time of economic dystopia CPEC will ensure some bright light.
The government needs to facilitate companies and authorities working under the umbrella of CPEC to ensure the smooth flow of on-ground progress of CPEC or it may create provincial divisions for CPEC authority. This will extend the outreach of CPEC from federal level to provincial one. Moreover this will also cover the grievances which provinces have regarding CPEC.
The writer is the Founder & Executive Director of Islamabad Institute of Conflict Resolution (IICR)