Lahore: The China-Pakistan Economic Corridor (CPEC) is poised to significantly boost Pakistan's economic growth and regional security, according to Zafar Iqbal, Vice President of the Pakistan China Joint Chamber of Commerce and Industry (PCJCCI). During a recent meeting, Iqbal emphasized CPEC as a collaboration model, promoting industrial and agricultural cooperation and promising socio-economic uplift for marginalized communities.

According to a statement by Pakistan China Joint Chamber of Commerce and Industry, the global economy faced a contraction of 4.3% in 2020 due to the COVID-19 pandemic and financial crises, presenting challenges for Pakistan, such as poverty elimination and economic growth amid rising inflation. Iqbal highlighted that CPEC remains pivotal in strengthening bilateral ties and ensuring economic stability in Pakistan.

Iqbal noted China's ongoing transformation into a "New Economy" with global impacts through innovation and economic initiatives. To benefit from this transformation, CPEC must focus on timely project implementation in Pakistan, emphasizing industrial cooperation and private sector involvement in Special Economic Zones (SEZs).

In his concluding remarks, Iqbal stressed the government's commitment to enhancing marginalized areas in the second phase of CPEC. He identified policy continuity, labor productivity, land costs, and utility provision as key challenges being addressed through government initiatives to promote regional integration and economic development.