Pakistan, China officially launch CPEC 2.0

BEIJING: Planning Minister Ahsan Iqbal announced the formal launch of the second phase of the China-Pakistan Economic Corridor (CPEC) during a media interaction session in Beijing on Saturday, emphasizing new phase marks a significant step in strengthening the cooperation between the two countries.

Speaking after the 14th Joint Cooperation Committee (JCC) meeting on CPEC, Iqbal explained that Phase II aligns with Pakistan’s Five Es Framework, a roadmap for transforming the nation into a $1 trillion economy by 2035. The framework focuses on exports, equity, environment, energy, and e-governance.

The minister revealed that the two countries had agreed to develop five specialized corridors that will define the future trajectory of CPEC, which includes the corridor of growth, livelihoods, innovation, green corridor, and a corridor of open and regional connectivity.

Describing Phase II as people-centric, Iqbal highlighted the importance of youth and education in this new phase. Pakistan has proposed sending 10,000 Ph.D. scholars to top Chinese universities to study fields like artificial intelligence, engineering, and emerging sciences over the next decade. By 2047, Pakistan aims to evolve into a $3 trillion, tech-driven economy. Additionally, vocational and technical training will be expanded in partnership with Chinese institutions to equip Pakistan’s young workforce with the skills necessary for a modern economy.

Cooperation will further extend to realigning the Karakoram Highway, developing a mineral corridor in Balochistan, and enhancing multi-modal transport links with Central Asia.

The minister stressed that CPEC Phase II will increasingly shift from government-to-government to business-to-business collaboration. Following Prime Minister Shehbaz Sharif’s visit earlier this month, where $8.5 billion worth of agreements were signed at a Beijing business forum, Pakistan has set up dedicated facilitation desks and eased visa processes to attract Chinese investment.

He reiterated Pakistan’s commitment to the safety of Chinese nationals, calling them guests treated like family. Any security incidents, he said, were the work of foreign-sponsored elements aimed at undermining bilateral cooperation, but Pakistan and China would defeat such designs together.

He stressed that Pakistan’s close ties with China are not at the expense of other partners.