Muzzammil Aslam Terms CPEC's Second Phase Catalyst For Economic Growth

Advisor to Chief Minister Khyber Pakhtunkhwa on Finance, Muzzammil Aslam, emphasized that the second phase of the China-Pakistan Economic Corridor (CPEC) will usher in a transformative era of industrial and economic development in Pakistan

PESHAWAR, (UrduPoint / Pakistan Point News - 3rd Dec, 2024) Advisor to Chief Minister Khyber Pakhtunkhwa on Finance, Muzzammil Aslam, emphasized that the second phase of the China-Pakistan Economic Corridor (CPEC) will usher in a transformative era of industrial and economic development in Pakistan.

Speaking at a seminar organized by the Chinese Cultural Center, China Window and hosted by City University, Peshawar, he highlighted the immense potential of this phase to reshape the country's financial and industrial landscape.

The seminar, attended by a diverse audience, including students, academics and professionals, featured notable speakers such as educationist Dr Khalid Khan, Professor Dr Gulzar Jalal, President of the Women’s Chamber of Commerce and Industry Rabia Basri and China Window Administrator Amjad Aziz Malik.

The speakers shed light on CPEC’s strategic importance and the opportunities it brings to uplift the nation’s economy.

In his address, Muzzammil Aslam stressed the importance of leveraging the expertise of Chinese investors and industrialists to expedite Pakistan’s journey toward sustainable development.

"Factories in the Rashkai Economic Zone are already operational and their positive impacts will soon be evident," he remarked, expressing optimism about job creation and economic uplift in Khyber Pakhtunkhwa.

He added that these industrial projects would not only improve the provincial economy but also contribute significantly to Pakistan's national growth.

Acknowledging shortcomings in the first phase of CPEC, the Advisor emphasized the need to restore investor confidence and ensure the security of Chinese stakeholders.

With investments already reaching $30 billion and expected to surpass $60 billion, he called for practical measures to maximize the benefits of this historic initiative. “The onus lies on us to make the most of this golden opportunity,” he said, urging policymakers to adopt a proactive approach.

Muzzammil Aslam also highlighted the pressing issue of skilled labor migration, with an estimated 1.6 million workers left Pakistan in the last two years. He called for comprehensive planning to harness CPEC's potential for economic and social growth.

"It’s crucial that we build a skilled workforce to meet the demands of upcoming industries while ensuring employment opportunities for our youth," he added.

Dr Khalid Khan underscored CPEC’s role as a cornerstone for Pakistan’s development, urging Federal and provincial governments to accelerate its progress and address prior inefficiencies.

Meanwhile, Professor Dr Gulzar Jalal and Rabia Basri emphasized learning from China’s success in poverty alleviation and integrated planning.

They called for strategic measures to tackle challenges and ensure the project’s success.

The organizers of China Window reiterated their commitment to raising awareness about CPEC's importance, organizing province-wide seminars to highlight China’s unwavering support for Pakistan’s development.

They stressed that such initiatives would help foster stronger ties between the two nations while ensuring the public is well-informed about the benefits of this transformative project.

The event concluded with City University’s Dean of Health Sciences, Dr Ismail Khan, presenting shields to the distinguished speakers, acknowledging their contributions to fostering understanding about this monumental project.

The seminar served as a platform to bridge gaps, inspire collaborative action and instill hope for a brighter economic future.

With sincere efforts and unwavering commitment, the second phase of CPEC promises to be a game-changer, paving the way for Pakistan’s economic prosperity, industrial growth and long-term development.