AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
KARACHI: Mian Zahid Hussain, a prominent business leader, highlighted the transformative potential of the China-Pakistan Economic Corridor (CPEC) Phase II during a recent address. As the President of the Pakistan Businessmen and Intellectuals Forum and Chairman of the National Business Group Pakistan, Hussain outlined the strategic pivot from infrastructure to industrial cooperation in the new phase.
Hussain explained that while CPEC Phase I successfully addressed Pakistan’s energy shortages and developed vital road networks, Phase II aims to establish the country as an industrial and agricultural powerhouse. This shift focuses on knowledge-driven growth and export-oriented economic strategies.
The development of Special Economic Zones (SEZs), such as Allama Iqbal Industrial City and Rashakai SEZ, was identified as a cornerstone of this initiative. These zones are expected to attract foreign direct investment and facilitate technology transfer, providing a boost to local industries.
Hussain underscored the importance of focusing SEZs on specialized industries that offer high value. By enhancing infrastructure and offering incentives, Pakistan could become a hub for Chinese industries, strengthening supply chains and creating millions of skilled jobs by 2030. This could also integrate Pakistani products into global markets, increasing exports.
Agricultural collaboration, accounting for a significant portion of the GDP and workforce, is another focal point of CPEC 2.0. Hussain discussed plans for a ‘Green Revolution,’ driven by precision agriculture and advanced irrigation techniques, to improve crop yields and quality for international markets.
The alignment of CPEC Phase II with Pakistan’s national objectives, known as the ‘Five Es’—Export, Energy, Equity, Environment, and Education—was also praised. New corridors, including Livelihood and Green Corridors, are intended to foster inclusive development.
Hussain called for stable policies and rapid implementation to realize the full potential of CPEC Phase II. Recommendations included enhancing utilities for SEZs, simplifying joint venture regulations, and investing in vocational training. He stressed the need for collaboration among government, academia, and business sectors to transform Pakistan into a trade and manufacturing hub.
The remarks were made under the auspices of the Pakistan Businessmen and Intellectuals Forum.