Deputy Prime Minister Ishaq Dar emphasized the need for Islamabad and Beijing to finalize the procedures for allowing other nations to participate in the China-Pakistan Economic Corridor (CPEC), as Pakistan seeks to attract foreign investment into the country.
Dar, who also serves as Pakistan’s foreign minister, made these remarks during a joint press briefing with his Chinese counterpart, Wang Yi, in Beijing. His visit to China, spanning four days, coincides with Pakistan’s transition into the second phase of CPEC, a project in which China has pledged a massive investment of $65 billion.
The CPEC project unfolds in several phases, each bearing distinct objectives and regional impacts. The initial phase, launched in 2015, primarily focused on constructing vital infrastructure, especially in transportation and energy sectors. The subsequent phase broadens the scope to include industrial collaboration, agricultural advancement, and the promotion of social and economic progress. This stage is also poised to include the establishment of Special Economic Zones (SEZs), initiatives to bolster green energy production such as hydropower and solar energy, and endeavors to modernize agriculture while augmenting exports.
Previously, Pakistan has extended invitations to Saudi Arabia, Turkey, Germany, the UAE, Iran, Indonesia, and Afghanistan to participate in CPEC, albeit with no visible progress.
“As we transition into the second phase of CPEC, we aspire to forge pathways of growth, innovation, green development, and inclusivity to realize our joint ambition of making CPEC an equitable and transparent venture,” stated Dar during the press conference. “We also need to formalize the arrangements for the involvement of third parties in CPEC.”
In 2022, former Prime Minister Imran Khan welcomed all countries and international organizations to engage in the flagship initiative. PM Shehbaz Sharif has echoed similar sentiments, extending invitations to other nations to join the endeavor.
Dar also expressed appreciation for China’s developmental assistance to Pakistan and expressed eagerness to expand China’s development footprint within Pakistan, aiming to attract foreign investments across various sectors through the Special Investment Facilitation Council (SIFC), a body established last year to oversee foreign investments.
Dar highlighted that his visit would accelerate the implementation of the Mainline-1 (ML-1) railway project, a $6.8 billion endeavor aimed at upgrading Pakistan’s railway infrastructure, alongside efforts to realign the Karakoram Highway and enhance cooperation in agriculture, mining, energy, information technology, and industrial sectors.
Additionally, Dar conveyed condolences on behalf of the Pakistani leadership and people over the tragic killing of five Chinese workers in a suicide bombing in Pakistan in March. He pledged to bring the perpetrators, financiers, and planners of the attack to justice, underscoring the commitment of China and Pakistan to maintain close cooperation through bilateral channels in combating terrorism.
“Let me underscore our unwavering focus on this matter. We are resolute in our determination to eradicate the scourge of terrorism from Pakistan,” affirmed Dar.
