Chinese investment plays instrumental role in stabilizing Pakistan's economy: minister

Pakistan's Minister for Planning Development and Special Initiatives Ahsan Iqbal said on Wednesday that Chinese investment and financial assistance have played an instrumental role in stabilizing Pakistan's economy during challenging times, the ministry said in a statement.

Chairing a meeting here with senior government officials on enhancing cross-sectoral cooperation and formulating a comprehensive action plan to boost economic ties with China, Iqbal reiterated Pakistan's commitment to strengthening collaboration across various sectors.

Chinese projects under the China-Pakistan Economic Corridor (CPEC) are a shining example of a shared vision for growth and modernization between the two countries, the statement quoted Iqbal as saying.

Launched in 2013, CPEC, a flagship project of the China-proposed Belt and Road Initiative, is a corridor linking the Gwadar Port in southwest Pakistan's Balochistan province with Kashgar in northwest China's Xinjiang Uygur Autonomous Region, which highlights energy, transport, and industrial cooperation in the first phase, while in the new phase expands to fields of agriculture and livelihood, among others.

The minister also highlighted the essential role of all ministries in the successful implementation of CPEC, emphasizing that collaboration across government sectors is crucial to unlocking the full potential of the initiative.

Iqbal stressed the importance of interaction with the Chinese private sector to showcase Pakistan's potential as a prime destination for advanced business-to-business investments, the statement said.

The minister also underscored the urgency of achieving substantive advancements in priority sectors such as infrastructure development, road connectivity, information technology, agriculture, industrial cooperation, education, healthcare, water resources, energy, and artificial intelligence.