ISLAMABAD: Federal Minister for the Board of Investment, Qaiser Ahmed Sheikh, has said that Pakistan is entering a decisive phase of the China-Pakistan Economic Corridor (CPEC), with a renewed focus on industrialisation, export-led growth, and stronger business-to-business (B2B) collaboration with China.
Speaking at the ‘Pakistan-China Industrialisation Dialogue’ in Islamabad, the minister highlighted the strategic importance of Special Economic Zones (SEZs), including Rashakai in Khyber Pakhtunkhwa, Allama Iqbal Industrial City in Punjab, Dhabeji in Sindh, and Bostan in Balochistan.
He noted that while China has remained Pakistan’s largest trading partner for over a decade, addressing the trade imbalance remains a priority through increased exports of value-added goods.
The minister acknowledged that Pakistan fell short of its earlier targets to attract over $8 billion in foreign direct investment (FDI) and generate 500,000 jobs in SEZs between 2018 and 2024, underscoring the need for improved investment performance.
Describing Pakistan and China as “iron brothers,” Sheikh said that since its launch in 2015 with an initial outlay of $46 billion, CPEC has evolved into Pakistan’s largest foreign investment initiative, with around $30 billion invested and more than 261,000 jobs created.
He added that the first phase of CPEC focused on infrastructure and energy, contributing over 8,000 megawatts of electricity to the national grid and enhancing connectivity. Now, under Phase-II, the emphasis is shifting toward industrial development, export growth, and deeper B2B partnerships.
Sheikh also revealed that the Joint Cooperation Committee (JCC) has proposed government-to-government SEZs in Karachi and Islamabad, aimed at relocating Chinese industries in sectors such as electronics, textiles, pharmaceuticals, and electric vehicles.
He stressed that Pakistan must transition from an import-driven economy to a production- and export-oriented model to fully capitalize on the opportunities offered under CPEC’s next phase.
Story By Naveed Butt
