Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President Shah Faisal Afridi has said the Asian Infrastructure Investment Bank (AIIB), with an expected initial capital of $50 billion would support China's Silk Road initiatives. While leading a discussion on significance of Silk Route with members of PCJCCI, Afridi said the concept of Silk Route had emerged to become an important policy instrument on regional connectivity and regional integration.
He was confident that Pakistan could turn into the most important westward artery by modernising and reviving the silk route. He said the Silk Road Fund would be "open" and welcoming for investors from Asia and beyond to "actively" take part in the project. The Pakistan government should take immediate measures to upgrade the Silk Route to exploit the geographical potential of this location in regional trade. "Pakistan's geographical location supplements the potential of the Silk Route and augments scope of its revival" he maintained.
He said "the Silk Route has been a famous trade route in the ancient times, which proves that we have a long history of trade through this location." He said the Silk Road derived its name from the centuries-old trade of Chinese silk. "Since the means of trade have been changed in the modern era, we too need to modernise the silk route so as to meet the changing requirements of the regional trade activities," he suggested. According to him, the Silk Road has been a useful source of connecting different regions and civilisations in the past, whereas, the new Silk Road should be designed to facilitate mutual trade, economic growth and prosperity among the connecting regions. The objective of the Silk Route initiatives should be to improve land and waterborne trade connectivity in Central Asia and South Asia through up-gradation of roads, railways, ports and airports, he added.
Afridi said the revival of Silk Route would bring a major breakthrough in socio-economic ties between Pakistan and China by enhancing the scope of people-to-people contacts between the two nations. Besides, the revival of Silk Route would be a big advantage to all those countries situated alongside economic belt of that route, which would ultimately add strategic and economic value to Pakistan, he added.
He pointed out that China was investing billions of dollars for developing its western parts particularly Xinjiang connected with Pakistan's border. Xinxiang's special location at the heartland of Eurasia had assumed special importance for regional development through road infrastructure network, he added.
President PCJCCI urged the government of Pakistan to realise that partnership in the Silk Route would entail a robust infrastructure, regular energy supply and improved governance. He said the government should promote regional co-ordination to introduce cohesive laws and regulations regarding movement of manpower and merchandise, taxation policies and tariff and non-tariff barriers. He emphasised to improve regional infrastructure for better connectivity by building better transport networks including roads, motorways, railways and air-links at Pakistan side as well.
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