LCCI organized seminar on China-Pak Economic Corridor – Private Sector

Lahore: The Lahore Chamber of Commerce & Industry Wednesday organized a seminar on “China-Pak Economic Corridor – Private Sector” here at the Lahore Chamber of Commerce & Industry. Experts from various sectors of economy spoke on the occasion and threw light on the importance of private sector’s role for the success of this game changing project. They were of the view that government should take private sector on board on China-Pak Economic Corridor related matters as business community is keen to play its greatest role for economic uplift of the country.

The LCCI President Ijaz A. Mumtaz, Senior Vice President Mian Nauman Kabir, Chinese Consul General Yu Boren, Additional Chief Secretary, Energy Department Mohammad Jehanzeb Khan, Convener LCCI Standing Committee on Pak China Business Promotion Siddiq-ur-Rehman Rana, Former Vice Chancellor-UET & Chairman Punjab Curriculum Textbook Board Lt. Gen. ® Mohammad Akram Khan, Project Director – CPEC, Ministry of Planning, Development & Reform Maj Gen. ® Dr. Zahir Shah and former Finance Minister Dr. Salman Shah were the key speakers.

Experts said that China-Pak Economic Corridor would start a new era of progress and prosperity in the country therefore it should be handled through public-private partnership that would enable private sector avail this unique opportunity.

The LCCI President Ijaz A. Mumtaz said that objective of holding this seminar is to apprise the members about the trade & investment opportunities expected to occur right from the beginning and till the completion of this most vital economic corridor.

He said that it will not be wrong to say that the economic benefits of this project are hard to estimate. China has already promised to invest more than 46 billion dollars in this connection. This project has the potential to work as a big push theory of Economics.

He said that although both the governments are closely collaborating in this project but at the same time, the private sectors of Pakistan and China are going to have a bigger role to play in this mega project.

Chinese Consul General Yu Boren said that China-Pak Economic Corridor is an overall cooperation platform with a focus on the long-term development of bilateral cooperation in various fields.

“Right now, we are focused on the four major areas of Gwadar Port, energy, transport infrastructure and industrial parks. In addition, under the framework of CPEC, the cooperation on agriculture, science and technology, finance, education, cultural and media exchanges is underway”, Chinese Consul General added.

Ijaz A. Mumtaz said that in recent months, a number of delegations from China visited Lahore Chamber to study the trade & investment environment in this region. The Chinese delegates from Jiangmen, Yantai, Qinghai and Urumqi etc. directly interacted with their Pakistani counterparts.

He said that it is needless to mention that leading chambers of commerce like LCCI will have to spearhead these efforts to ensure widespread gains to all the stakeholders.

Former Finance Minister Dr. Salman Shah said that Pakistan is bound to become economically strong and independent with never ending chain of investments from China. It will only be possible if the respective private sector representatives play their due role much proactively.

LCCI Senior Vice President Mian Nauman Kabir said that this mega project should be completed at any cost as undoubtedly, it has the potential to turn Pakistan into pivot of regional cooperation. He said that if Pakistan uses this opportunity wisely, it would enable it to harvest the economic benefits this corridor has to offer, it can considerably strengthen its regional power and esteem and prove a more priceless long-term ally for Beijing. This project would also bring development and prosperity to the people of around ten developing nations.