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Pakistan pins its hopes on China – and a belt and road revival
- Progress on belt and road crown jewel the China-Pakistan Economic Corridor stalled post-pandemic amid Pakistan’s ongoing economic difficulties
- But Islamabad now detects ‘great interest on the Chinese side to revive the momentum’, says its top planning and development minister
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Pakistan’s new government is hoping to inject some fresh momentum into projects that fall under China’s Belt and Road Initiative, as it tries to boost the country’s troubled economy.
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The South Asian nation is looking at joint ventures for renewable-energy projects, agriculture collaboration and possibly enticing some Chinese companies to relocate to Pakistan, said Ahsan Iqbal, Pakistan’s federal minister for planning, development and special initiatives, who also co-heads the committee responsible for the China-Pakistan Economic Corridor, in an interview.
“Yeah, I’m very hopeful because I was there in China recently and I had meetings with their senior leadership,” said Iqbal at his office in Islamabad, decorated with a large map showcasing the China-Pakistan Economic Corridor.
“So I see great interest on the Chinese side to revive the momentum for CPEC and also to take it into the second phase.”
Pakistan was seen as a flagship destination for belt and road projects, with CPEC – which includes a port in the southern town of Gwadar and new power plants – the crown jewel.
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Progress on new projects stalled in the aftermath of the Covid-19 pandemic and amid Pakistan’s ongoing economic difficulties that have required the International Monetary Fund’s intervention.
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