Lahore: The China-Pakistan Economic Corridor (CPEC) projects have achieved major progress despite grave economic and health challenges posed by the COVID-19 pandemic, which will help Pakistan to sustain the emerging economic challenges, said S.M. Naveed, President Pak-China Joint Chamber of Commerce and Industry (PCJCCI).
While addressing a meeting on Thursday Naveed said that as the global economy still faces uncertainties amid the pandemic, a more independent, resilient and flexible industrial chain, under CPEC can lay down a strong foundation for the growth of Pakistan’s economy.
He said the biggest dividends people of Pakistan are going to witness due to CPEC in the coming days are creation of massive local jobs, transformation of technology, particularly in the newer areas of science and technology, industrialization and agriculture.
He appreciated government for building more independent and controllable industrial chains to help Pakistan better cope with economic risks amid the COVID-19 pandemic.
Highlighting the weak areas of industries, Daud Ahmed, Senior Vice President PCJCCI said that China is helping Pakistan to ensure the better implementation of key projects targeting breakthroughs in key technologies and solutions to bottleneck problems while encouraging businesses to focus on their areas of strength and forge new cutting-edge technologies.
He further added that China’s industrial chain is not just to cushion the outbreak’s fallout on manufacturing, but a foundation for the both nations to better pursue the new dual-circulation development pattern and foreign markets boosting each other.
Khalid Raffique Choudhry, Vice President PCJCCI said that China has the world’s largest industrial system and efforts to boost the modernization level of industrial chains that will also help Pakistan to become a hub of manufacturing. The timely implementation of the CPEC projects is one of the manifestations of time-tested friendship between the two countries that even the pandemic could not affect.
Salahuddin Hanif, Secretary General PCJCCI, expressing his views on this occasion, said that each country in the world was placing more emphasis on supply chain management in line with the emerging international situations.
The global industrial chain is vastly being reconstructed, which also offers an opportunity for Pakistan to better participate in this formulation process in accordance with international rules, he added.