Top Pakistani trade leaders urge govt to expedite work on CPEC projects

Lahore: A top Pakistani trade leaders have urged the government to expedite work on the China-Pakistan Economic Corridor (CPEC) projects to extract the massive benefits it offers for Pakistan.

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI)’s Businessmen Panel showed concern over the negligible progress and slow pace of development on some CPEC projects due to the hurdles that the Pakistani government had promised to remove.

The FPCCI’s Business Panel has stressed the need for expediting the completion of projects associated with the multi-billion-dollar CPEC.

FPCCI’s presidential candidate for 2021-22 elections Irfan Iqbal Sheikh pointed out that the investors were not satisfied with the pace of work on CPEC and no progress on the portfolio was seen during the last three years, calling for measures to advance the CPEC projects, maintaining that the second phase will prove to be instrumental in consolidating Pakistan’s economic development.

He remarked that 135 Chinese companies were operating in Pakistan on CPEC and other projects and top priority should now be to revive the confidence of those working on CPEC.

“It is appreciable that almost 20 projects worth US $16 billion were completed, including 10 power projects of over 5,000MW(Megawatts) and HVDC (High-Voltage, Direct Current) transmission line amounting to $9.5 billion, five infrastructure projects of around $6 billion, two projects relating to Gwadar Port and Free Zone and City Master Plan amounting to $300 million, four Social Economic Development amounting to $140 million. A total of 30 projects worth of $9.5 billion are under implementation and 35 projects of around $29 billion are under consideration, which need to be speeded up,” he said at a gathering of the businessperson here.

He contended that the all-weather strategic cooperative partnership between the Pakistan and China had served the fundamental interests of the two allies and contributed to peace, development and stability in the region.

Terming the multi-billion-dollar CPEC pivotal to accelerating Pakistan’s economic development and regional prosperity, he observed that the expeditious completion of the CPEC projects should be the foremost priority of the government.

Irfan Iqbal Sheikh mentioned that several countries had shown keen interest in development of infrastructure projects and industrial units under the umbrella of CPEC.

“There was acute power shortage in 2013 due to which the country was suffering almost 2.5 GDP (Gross Domestic Product) losses. To meet the country’s requirements of power, addition of 17,000 MW of electricity was envisaged under CPEC,” he stated.

Sheikh said that it was the time of market cultivation and to sort out major bottlenecks to economic and social development which needed to be addressed to boost economic growth.

He appreciated that the energy projects of 5300MW worth US $ 13 billion had already been established under CPEC.

On the occasion, former FPCCI President Mian Anjum Nisar said that the phase –II would focus on export growth and import substitution of steel and agricultural productivity by creating local employment opportunities and promoting joint ventures to make Pakistan a manufacturing hub.

He lauded the government for establishing a facilitation centre at the CPEC Secretariat to provide one-window facility to the international investors through coordination of various ministries and provinces. It is good that efforts are being made to clear billions of rupees of Chinese companies so that they can give dividends to their shareholders. Some Chinese companies have also shown interest in Quaid-eAzam solar project of 1000MW in Bahawalpur of which 400 MW has already been established.

The senior businessperson asked the government to focus on Special Economic Zones (SEZs) which were necessary to attract foreign investment, as medium term projects have to be ready by 2025.

It is the time of expansion and development and balanced regional economic development, processing and manufacturing industries can bring improvements in country’s progress, he added.

Nisar argued that the development at Gwadar Port should have been faster as it was not up to the expectations, as there is neither electricity nor water in Gwadar while a 300MW coal-fired project has not yet been established as per the schedule.