CPEC transformed SINO-PAK bilateral relations: Ahsan Iqbal

ISLAMABAD: Federal Minister for Planning, Development and Reform Prof. Ahsan Iqbal Thursday said that China Pakistan Economic Corridor (CPEC) had transformed Pak-China bilateral relations from strategic nature to economic cooperation.

China has emerged as a top country in respect of Foreign Direct Investment (FDI) in Pakistan, said a statement issued here by the ministry.

The Minister expressed these views at Planning Commission during a meeting with Professor Justin Yifu Lin, Councilor of State Council and Vice Chairman of All-China Federation of Industries and Commerce and former Senior Vice President and Chief Economist of the World Bank.

The meeting was also attended by senior officials from Ministry of Planning, Development and Reform.

He said that CPEC project had now gained significance not only for Pakistan but also for the entire world.

"CPEC has introduced a new perception of Pakistan and relations of both the countries have moved forward from geo strategic to economic partnership".

The Minister said that China's FDI was 13 percent of the total foreign investment in 2013, far behind other countries.

"But now after CPEC, China has emerged as the top country in respect of FDI in Pakistan" Ahsan Iqbal added.

He said that Europe and USA remained world leaders in economy for centuries after the downfall of Asia.

"But now after CPEC, Asia is regaining its historic role as a leader in industries, trade and economy" the Minister said.

He reiterated that Pakistan wanted to further enhance bilateral relations and cooperation with China in diverse fields including trade, investment, education, communication and health.

He also said that the cooperation under CPEC had paved way for a significant change in different sectors, proving a project of sustainable growth and prosperity for the both neighbors.

"It has scaled up Pakistan's growth rate from 2.5 to 4.8 just in 3 years" Ahsan Iqbal said.

Federal Minister said China had developed its industry, agriculture, health and education on modern lines adding that on Pakistan's side, serious efforts were needed to ensure transfer of knowledge and technology.

Ahsan Iqbal hoped that Professor Justin Yifu could play a very crucial role in linking opportunities on both sides.

Professor Justin Yifu Lin on this occasion said China considered Pakistan's development as its own development.

He said promotion of industrial and trade relations between the two countries would help develop a conducive environment for trade in the region.

He said that the industrial cooperation between both the countries would help Pakistan to emerge as a new center of trade and industrial production that would enhance export and reduce trade deficit of Pakistan.

During the meeting Chief Economist, Dr. Nadeem Javid briefed the participants on state of the Economy of Pakistan, Vision 2025, growth strategy and challenges.

Prof. Lin is Director of New Structural Economics, Dean of Institute of South-South Cooperation and Development, and Honorary Dean of the National School of Development at Peking University.

He is also Councilor of State Council and Vice Chairman of All-China Federation of Industries and Commerce.

He has also served as the Senior Vice President and Chief Economist of the World Bank (2008-2012).

He will visit Lahore and Karachi where he will deliver lecture and interact with think tanks, business schools, academia and business community.