CPEC a boon for Pakistan as investments gloom amid pandemic: Muneer Kamal.
BEIJING -- Covid-19 pandemic has caused a major, dramatic disruption in the global economy and Pakistan will also face severe consequences of an economic slowdown and with this abrupt change in the economic environment, China-Pakistan Economic Corridor (CPEC) is even more crucial for Pakistan's development than it was prior to the advent of the epidemic early this year.
This was stated by CEO of Karachi Education Initiative (KEI) Muneer Kamal while talking to China Economic Net.
Muneer Kamal, also the former chairman of the National Bank of Pakistan, Chairman of Karachi Stock Exchange who has held leadership positions at Citibank N.A., Faysal Bank, Union Bank, and KASB Bank said, "Given a gloomy global economic environment in the foreseeable future, it would be difficult for Pakistan to attract foreign direct investment to develop its economic infrastructure.
In this very challenging environment, it is fortunate that large CPEC projects have and will continue to be implemented. The continuation of CPEC will counter some of the negative global investment environment."
He said the relationship with China had been and would remain unique and special for Pakistan. The importance of CPEC was magnified if we see regional dynamics and their impact on Pakistan's economy.
Muneer Kamal explained that Pakistan's trade and investment opportunities were limited with its immediate neighbors except for China. The current environment does not allow a healthy economic interaction with India, and sanctions imposed on Iran limit Pakistan's trade with the Iranian market.
Continued instability in Afghanistan also leaves few good economic opportunities though recent developments are encouraging for better trade in the future. Fortunately for Pakistan, its key neighbour China is poised to become the largest economy in the world in a few decades.
"CPEC is a manifestation of almost six decades of extremely close relationship between China and...
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