CPEC may be fully functional by 2020: Faisalabad Chamber

China-Pakistan Economic Corridor (CPEC) is expected to become fully functional by 2020 and in order to transform this transit facility into real economic corridor Pakistan has to play its cards prudently, said Engineer Ahmad Hasan Vice President Faisalabad Chamber of Commerce and Industry (FCCI). He was addressing a meeting at FCCI in which M Amanullah joint chief economist P&D Department Punjab gave a detailed presentation on the CPEC project.
He said that this mega infrastructure project is designed to benefit 67 percent of the world and in this connection Pakistan has to fabricate its policies by taking all stakeholders into loop including private sector, provincial and federal governments and their allied departments.
He said that most of the local industry is currently running with only 40 percent of its installed capacity and with this dismal position we cannot bring down our cost of doing business. He said that China is importing Chromium for its industrial use. He said that we should convince Chinese investors to set up Chromium based industries in Pakistan instead of importing this precious metal. Regarding agriculture sector, he said that the agriculture yield in Pakistan is around 50 percent less as compared to per acre yield of China which could be enhanced with the help of Chinese technology. Hesaid that Pakistan has not yet entered into value-added food sector which has huge export potential. Engineer Ahmad Hasan also floated a concept of "global wealth" after terminology of "global village" and said that international community must ensure fair distribution of wealth to guarantee durable peace in this world.
He welcomed the presentation of P&D department but said that it has no fully dispelled the reservations of the business community. He further said that after receiving complete answers of FCCI questionnaire from the provincial government, he will arrange a similar sitting with the planners from the federal government to redress their genuine reservations.
Earlier, Dr M Amanullah Joint Chief Economist dispelled the rumours that special incentives were being doled out to the Chinese investors. He said that prior to the Chinese investors, the local industry will be fully protected. He also assured that the Punjab government will provide a level-playing field to the Chinese as well as to the Pakistani investors. He said that new economic zones are being developed to off load the pressure on already industrialized cities of Faisalabad, Sialkot and Lahore.
Responding to a question, he said that Diamir Basha Dam has been included in CPEC project and hopefully it will also be completed by 2020. He said that under long-term planning the Chiniot Iron Ore project would also be launched under CPEC with an estimated cost of 2.5 billion dollars. He said the Punjab government was also preparing blue prints of new industrial policies which will ensure sustained industrial development in the backdrop of CPEC. He said that a proposal was also under consideration to set up China-Pakistan Entrepreneurs Committee to mutually discuss and settle down the reservations.
Rehan Nasim Bharara Chairman Faisalabad Garments City also addressed the meeting and expressed some apprehensions regarding environment, labor and relocation of Chinese industries.
Aamar Saleemi Chief Operating Officer FIEDMC congratulated FCCI for setting up first ever CPEC cell in Faisalabad. He said that Chinese have so far invested 10 million dollars in M-3 Industrial Estate and construction work on these proposed factories will be started very soon.
A question answer session was also held while former President FCCI Muzammal Sultan said vote of thanks.