Transforming economic landscape: Mian Zahid emphasises role of CPEC-II

KARACHI: Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, has emphasized the pivotal role of the China-Pakistan Economic Corridor (CPEC) Phase II in transforming Pakistan’s economic landscape.

Hussain praised the strategic shift to CPEC 2.0, emphasizing industrial cooperation and tech innovation over the infrastructure focus of Phase I. He noted that Phase I effectively tackled the energy crisis and established essential road networks.

"Phase II represents Pakistan's key chance to evolve into a self-sufficient industrial and agricultural hub, shifting towards a knowledge-driven, export-focused economy. With a focus on Special Economic Zones like Allama Iqbal Industrial City and Rashakai SEZ, the aim is to attract FDI and technology transfer for local growth, he added.

Hussain emphasized that SEZs should focus on specialized, high-value industries. By providing infrastructure and incentives, we can attract Chinese industries, boosting supply chains and creating millions of skilled jobs by 2030. Phase II also paves the way for integrating Pakistani products into global markets, enhancing exports.

Mian Zahid Hussain emphasized the importance of agricultural cooperation, which constitutes 25% of GDP and employs 37% of the workforce. CPEC 2.0 aims to initiate a 'Green Revolution' by adopting precision agriculture and modern irrigation, enhancing crop yields and quality for the global market.

The business leader commended CPEC II's alignment with Pakistan’s ‘Five Es’—Export, Energy, Equity, Environment, and Education—through five new corridors, including Livelihood and Green Corridors, promoting inclusive development.

Mian Zahid emphasized that CPEC Phase II holds significant promise, contingent on stable policies and swift execution. To support this, we must enhance utilities for SEZs, simplify joint venture regulations, and invest in vocational training. Collaboration among government, academia, and business is vital for transforming Pakistan into a trade and manufacturing center.

Copyright Business Recorder, 2025