Pakistan, China Forge Ahead on CPEC’s Next Phase

Focus on Industrial Growth and Tech Advancement

Islamabad is set to deepen its economic partnership with Beijing, with discussions centering on the crucial second phase of the China-Pakistan Economic Corridor (CPEC). The collaboration aims to significantly boost industrial and business ties.

Strategic Vision for CPEC

Federal Minister for Planning and Development Ahsan Iqbal met with Chinese Vice Foreign Minister Sun Weidong to underscore a shared commitment to advancing CPEC. Mr Iqbal credited Mr Sun‘s past diplomatic efforts for transforming CPEC from a concept into a substantial economic reality.

Mr Iqbal highlighted Pakistan’s aspiration to emulate China’s development successes, stating, China’s development model remains a source of inspiration for Pakistan. Learning from China’s experience, Pakistan is moving toward building an export-oriented and technology-driven economy.

The government’s “Five Es” strategy, part of the URAAN Pakistan initiative, is reportedly aligned with CPEC’s future direction. This next phase will prioritize industrial and technological sectors as its primary drivers.

Mr Iqbal expressed Pakistan’s pride in its enduring friendship with China and acknowledged its support during recent regional challenges. He emphasized the importance of cultivating a skilled workforce and fostering robust business-to-business relationships for CPEC’s progression.

Mutual Commitment to Partnership

Mr Sun reiterated China’s unwavering dedication to strengthening cooperation with Pakistan across diverse fields. He viewed Pakistan’s “Five Es” framework as a promising avenue for achieving economic stability and self-reliance.

This renewed focus comes as CPEC continues to be a cornerstone of bilateral relations. In 2023, China’s direct investment in Pakistan reached approximately $2.8 billion, underscoring the economic significance of their collaboration (Global Times, 2024).