KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) officials have expressed concern over the negligible progress and slow pace of development on the China-Pakistan Economic Corridor (CPEC), a statement said.
The FPCCI stressed the need for expediting the completion of projects associated with the multi-billion-dollar CPEC.
The FPCCI’s presidential candidate for 2021/22 elections Irfan Iqbal Sheikh said 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.
He said the all-weather strategic cooperative partnership between Pakistan and China has served the fundamental interests of the two allies and contributed to peace, development and stability in the region.
Terming the CPEC project pivotal to accelerating Pakistan’s economic development and regional prosperity, Irfan said that the expeditious completion of the CPEC projects should be the foremost priority of the government.
Irfan said that several countries have shown interest in development of infrastructure projects and industrial units under the umbrella of CPEC. There was an acute power shortage in 2013 due to which the country was suffering almost 2.5 GDP losses.
To meet the country’s power requirements, addition of 17,000 MW of electricity was envisaged under CPEC. It is the time of market cultivation and to sort out major bottlenecks to economic and social development which need to be addressed to boost economic growth. It is good that the energy projects of 5300MW worth $13 billion have already been established under CPEC, he added.
Irfan said 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 $16 billion were completed, including 10 power projects of over 5,000MW and HVDC 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.
BMP Chairman and 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.
Nisar appreciated the government in establishing a facilitation centre at the CPEC Secretariat to provide one-window facility to the international investors through coordination of various ministries and provinces.
FPCCI former President urged the government to focus on Special Economic Zones (SEZs) which are necessary to attract foreign investment, as medium term projects have to be ready by 2025. He said that the development at Gwadar Port should have been faster as it is 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 plan.