China-Pakistan Economic Corridor: Ahsan urges Chinese enterprises to invest in free economic zones

Minister for Interior, Planning, Development and Reform, Ahsan Iqbal on Thursday invited the Chinese enterprises to invest in the free economic zones to be established under the China-Pakistan Economic Corridor (CPEC) and take advantage of the location and low cost of production.
"We are setting up nine free economic zones in which Chinese enterprises can invest and bring technology and take advantage of our location, low cost of production which can create a win win platform for them," he said while addressing the Belt & Road Trade and Investment Forum organized by China Council for Promotion of International Trade and China Chamber of International Commerce here.
He said "it will also create a great opportunity for Pakistani businessmen to form joint ventures with the Chinese investors to produce local jobs and introduce new industry in the economy." Sharing the story of the CPEC, a flagship project of the Belt and Road Initiative (BRI), he said it had touched the lives of the millions of people.
In 2013, Pakistan economy was sluggish and struggling at three percent growth rate and the country was facing 16 to 20 hours of power shortages because no investment has been made for the past 14 years in the most critical infrastructure which is need for a modern economy. "We started our journey in 2013 and within one year, we were able to have an understanding of portfolios of US$ billion of which US$ 35 billion were allocated for power generation projects," he added.
He said "A country where there was no electricity for 16 to 18 hours and the industry was closed down, today our industry has uninterrupted power supply for the last one and half year," he added. The minister informed the daily life of common people was disrupted because there was not power but today they have power supply for 20 hours and their lives are becoming normal.
This has been possible under belt and road initiative because of the investment happened in the energy sector, he said, adding "this one example that how the belt and road initiative has helped transforming our economy." Ahsan Iqbal said the government was constructing the Gwadar Port which was located at the very important hub of maritime trade in Indian Ocean.
"The West China, Central Asian Republics and Pakistan will be able to provide connectivity to the land route as well as maritime route and integrate South Asia China and Central Asia in a large market opening a lot of opportunities," he added. Similarly, billion of dollar of investment has been made in road and infrastructure sector linking under developed area with the developed areas and as a result the social life and economy are changing rapidly there.
He said "the private sector has to play an important role because government can produce infrastructure but it is the spirit of enterprises of private sector that will take this stream further." The minister hoped that private sector in China and other countries along the Belt and Road will work very closely together to find opportunities through which we can take advantage of the connectivity to create a prosperous future for our people all over the world.
The spirit of shared prosperity which is fundamental goal behind BRI is creating partnerships not only at government to government level but also at business to business level. "We need to promote and accelerate physical connectivity to produce opportunities and creation of new markets," he added.