KARACHI: Leaders of United Business Group (UBG) S M Tanveer, Chief Patron, Zubair Tufail, President, Khalid Tawab, Regional Chairman, Hanif Gohar, Secretary General, Syed Mazher, Member Core Committee emphasised the imperative need to initiate the second phase of the China-Pakistan Economic Corridor (CPEC) through the launch of five special economic zones (SEZs). Recognising this as a pivotal step for Pakistan’s economic development, the UBG underscored the urgency of this endeavor.

Acknowledging the crucial role played by the CPEC in Pakistan’s economic landscape, the UBG reiterated its unwavering support for its seamless continuation, emphasising the importance of unhindered progress without delays or disruptions.

The UBG emphasised the necessity of redoubling efforts to establish a new working group dedicated to the creation of five new economic corridors under the second phase, in alignment with the Five Es framework: export, energy, equity, environment, and e-Pakistan.

Highlighting the significance of expediting Phase 2 of CPEC, the UBG advocated for the establishment of five new economic corridors, including the Corridor of Job Creation, Corridor of Innovation, Corridor of Green Energy, and Inclusive Regional Development.

They called upon the planning ministry of Pakistan and the National Development and Reform Commission (NDRC) of China to prepare comprehensive concept papers outlining clear roadmaps for each sector’s future development.

Moreover, the UBG proposed a collaborative approach to maximize the success of special economic zones (SEZs) within Pakistan.

They commended Pakistan’s “One plus Four” model, which envisions partnering each SEZ in Pakistan with one province from China, one industry group to develop specialized clusters within these zones, one zone from China to provide technical expertise, and a state-owned enterprise to spearhead SEZ development.

This framework, they emphasised, would expedite the establishment and growth of SEZs in Pakistan, enhancing their competitiveness and attractiveness.

Furthermore, the UBG stressed the importance of regional connectivity enhancement, particularly through critical infrastructure projects like the Gwadar Port and the M-8 motorway. These projects, they noted, would bolster trade links and facilitate regional integration, thereby fostering economic growth and development.

The UBG reiterated its commitment to driving forward the second phase of CPEC and advancing Pakistan’s economic prosperity through strategic collaborations, innovative initiatives, and robust regional connectivity.

Copyright Business Recorder, 2024

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