In a significant development, Pakistan and China have agreed to establish a Working Group (WG) on five new economic corridors under the second phase of the China-Pakistan Economic Corridor (CPEC). This decision aligns with the 5Es framework prepared by the Planning Ministry, aiming to bolster economic cooperation between the two countries.
The agreement was reached during a meeting between Federal Minister of Planning, Development and Special Initiatives, Professor Ahsan Iqbal, and Chinese Ambassador to Pakistan, Jiang Zaidong, at the Planning Ministry. Both sides expressed their commitment to expedite phase two of the CPEC and enhance collaboration in various sectors.
Chinese envoy Jiang Zaidong congratulated Ahsan Iqbal on his appointment as Planning Minister for the fourth time and commended Pakistan’s efforts in implementing the CPEC. They agreed to establish a working group on five new economic corridors, including the Corridor of Job Creation, Corridor of Innovation, Corridor of Green Energy, and Inclusive Regional Development.
The Planning Ministry and the National Development and Reform Commission (NDRC) of China will prepare separate concept papers on these economic corridors, providing a clear roadmap for each sector. These papers will be consolidated before presentation at the upcoming Joint Coordination Committee (JCC) meeting in 2024.
Minister Ahsan Iqbal outlined a strategic approach to maximize the success of Special Economic Zones (SEZs) within Pakistan, proposing a “one plus four” model for their development. He emphasized the need for SEZs to become clusters of specific industries, fostering economies of scale and creating a vibrant ecosystem for innovation and growth.
The discussions also highlighted the importance of enhancing regional connectivity through critical infrastructure projects like the Gwadar Port and the M-8 motorway, which would strengthen trade links and facilitate regional integration. Both sides reaffirmed their commitment to ensuring the security of CPEC projects and personnel, with Pakistan acknowledging the full recognition of construction and security risks associated with CPEC.
The establishment of the working group on economic corridors marks a significant step towards enhancing economic cooperation between Pakistan and China. This collaboration is expected to further strengthen bilateral ties and drive economic growth and development in both countries.
