Key Takeaways
- Zubair Tufail, UBG President, urges faster progress on CPEC second phase.
- Proposes focus areas including SEZs, industrial cooperation, and green energy projects.
- Highlights Gwadar Port's potential as a major regional trade hub.
President of the United Business Group (UBG), Zubair Tufail, has called for accelerated progress on the second phase of the China-Pakistan Economic Corridor (CPEC). In a statement to the media, Mr. Tufail highlighted several key areas that should be prioritized, including Special Economic Zones (SEZs), industrial cooperation, agricultural technology, information technology, mining, e-commerce, and green energy projects.
Mr. Tufail emphasized the potential of Gwadar Port as a major regional trade hub, which could significantly enhance Pakistan’s economic benefits from transit trade, logistics, shipping, and exports. He noted that China has been a pivotal partner in Pakistan's development, with bilateral trade reaching approximately US$24 billion, where China is Pakistan’s largest source of imports, while Pakistani exports to China stand at around US$3.5 billion.
According to Mr. Tufail, the CPEC has facilitated direct investment worth over US$25 billion, contributing substantially to energy projects, highways, ports, SEZs, and various industrial initiatives. These projects have created employment opportunities for more than 75,000 Pakistanis and added over 8,000 megawatts of electricity to the national grid, addressing Pakistan’s energy crisis.
Speaking on the occasion of the 105th anniversary of the founding of the Communist Party of China, Mr. Tufail congratulated both nations for their enduring friendship and strong economic partnership that has evolved over 75 years. He highlighted the significant role CPEC plays in Pakistan's economy, infrastructure, and energy sector, underscoring its importance as a historic milestone in bilateral relations.
Mr. Tufail further stressed the need to provide Pakistani exporters with access to modern technology, value addition, and improved market access, which could potentially double exports to China within the next few years. He emphasized that continued collaboration under CPEC can lead to mutual economic growth and prosperity for both nations.
The time has come to accelerate the second phase of the CPEC by focusing on Special Economic Zones, industrial cooperation, agricultural technology, information technology, mining, e-commerce, and green energy projects.
Zubair Tufail, President of the United Business Group (UBG)
