Ayesha Saba

As Pakistan gears up for the second phase of the CPEC, experts are emphasising the critical need for comprehensive policy reforms and strategic coordination to ensure its success. Mustafa Haider Syed, Executive Director at the Pakistan-China Institute, has outlined key areas where Pakistan needs to focus to navigate the evolving landscape of CPEC under the Belt and Road Initiative (BRI). He stated that since its launch, CPEC has delivered several early harvest projects, including infrastructure development, energy projects, and economic zones. “These projects have contributed to Pakistan's economic growth, infrastructure improvement, and job creation. They have also enhanced connectivity between China and Pakistan, strengthening bilateral relations.” “Pakistan needs to reflect on its competitiveness under CPEC within the broader BRI context, as the country is now competing globally,” Mustafa remarked. He also pointed out the importance of revaluating Pakistan's demands to China under CPEC.

“This includes initiatives like the Green Corridor or Greening of CPEC, which aim to address environmental concerns and promote sustainable development. It is crucial for Pakistan to ensure that these demands are in line with its national interests and priorities.” He highlighted the need for comprehensive policy coordination, which involves aligning the policies of both Pakistan and China to ensure mutual goals are met and potential conflicts are avoided. “This coordination is crucial because it sets the framework for how both countries will collaborate, ensuring that there is clarity and consistency in decision-making throughout the project's lifecycle.” “The roadmap for CPEC 2.0 emphasises four key pillars: policy coordination, system connectivity, financial integration, and people-to-people contacts. These pillars, if effectively implemented, would facilitate the seamless execution of the mega project’s second phase and help foster mutually beneficial partnerships between Pakistan and China,” he underscored.

Talking to WealthPk, Mehmood Khalid, a senior research economist with Pakistan Institute of Development Economics, said, “The BRI has marked the beginning of a new era of international cooperation and connectivity. “A key element of this ambitious initiative is the emphasis on people-to-people collaboration, which goes beyond traditional economic and political partnerships.” He noted, “The geo-economic policy should encompass all aspects of international economic relations. The policy must further entail guidelines that lead to specific goals and objectives, including enhancing Pakistan’s exports and share in the international market, both in sectors of its comparative advantage and environmental sustainability. Furthermore, involvement of various stakeholders, including industry leaders, educational institutions, and civil society organisations, in the policy-making process, must be ensured. Their input can provide valuable insights and ensure that policies are well-rounded and address the needs of all the involved parties.”

Credit: INP-WealthPk