High time to understand CPEC'S vision and priorities.

• Author: Shaikh, Nazir Ahmed
• Position: China-Pakistan Economic Corridor

Byline: Nazir Ahmed Shaikh

Pakistan can become important part of China's futuristic technologies

On October 07, 2019, the President, Dr. Arif Alvi, has promulgated an ordinance for the establishment of the China-Pakistan Economic Corridor Authority (CPECA) to accelerate the CPEC-related activities, coordination among stake holders, timely completion of the corridor's projects and to look for new initiatives for development. Furthermore, it would unleash the potential of inter-related production network and comprehensive and global value chains through regional as well as worldwide connectivity.

Currently Pakistan traversing the changing global power equations and the Kashmir issue and CPEC seems to be the positive way forward and hope for a brighter future for Pakistan. The magnitude of CPEC is mammoth and CPEC is still one of the largest bilateral investment projects underway anywhere in the world, today its momentum in Pakistan is being regularly out of around $76 billion, projects worth 18.9 billion dollars are already underway in; which compels Government of Pakistan to have much focused and timely actions. It's going to be a rigorous test of Pakistan's capabilities to harvest such opportunities. There is a question mark on the ability of the government to absorb concessionary loans and grants; hence would adversely affect the future planning as well. Apparently the Planning Commission seems to be under-resourced and under-powered.

It is the high time to understand CPEC's vision and priorities.We must realize the challenges ahead and optimize the long term benefits. With CPEC envisioned as country-wide project, it involves all the provinces and requires a multi-party provincial structures and clear and concreate communication channels with all stakeholder including the political parties. Government must moves forward collaboratively. Strategic level of consensus-building is a must to ensure each province's stake in the project. The government should disseminate information, effectually, about the economic impact of CPEC and take provinces into confidence in implementing business reforms. It will arm them with the right tools to get maximum benefits from CPEC.

Pakistan has the potential to attract huge Chinese investments. The government should offer tax incentives, develop better trade policies to focus on investment friendly environment. The Board of Investment is lacking a framework for SEZs. The provincial governments should be...