Pakistan must invest in R&D to imitate Chinese model of development: Hafeez Sheikh
Speaking at the conference organised by the Islamabad Policy Research Institute (IPRI), Advisor to Prime Minister on Finance Abdul Hafeez Sheikh suggested to incorporate the Chinese model of development, Pakistan needs to invest in its R & D (Research and Development) departments. He also invited companies, investors and partners around the globe to invest in the CPEC projects and elaborated that CPEC is not limited to China and Pakistan. On occasion, Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtiar said Pakistan has the potential to become a regional trade hub between South Asia and Central Asia. He stressed on empowering the business sectors for introducing Joint Ventures in various untapped areas to promote sustained economic growth. To facilitate the investors of China and Pakistan, governments of both countries have set up a Business to Business (B2B) forum, Bakhtiar added.
ISLAMABAD: Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar Thursday said that peace in Afghanistan was vital for regional prosperity as many development opportunities had been missed due to ongoing conflict there.
He stated that political solution to Afghanistan issue would bring about regional progress and development, said press release issued here.
The minister was addressing a seminar on “Peace and Development organized by Islamabad Policy Research Institute (IPRI).
Advisor to Prime Minister on Finance Abdul Hafeez Sheikh, Chinese Ambassador Yao Jing, President IPRI and foreign delegates were also present.
The minister said that Pakistan was focusing on promoting cooperation in energy sector at regional level.
He stated that Pakistan was heading towards industrial development noting that other countries were heavily investing in e-commerce and digital economy therefore Pakistan should also pay attention towards this sector.
He underscored that Pakistan should also invest in research and development and promote other modern sectors on the pattern of China.
Talking about China Pakistan Economic Corridors, the minister said that under CPEC framework, other countries could become partners and make investments to the mutual benefit of all.
He stated that the present government had quickened the pace and implementation of CPEC projects and hurdles related to CPEC projects had been largely removed.
Khusro Bakhtyar noted that there was great region’s trade potential and Pakistan could play an important role for promoting trade linkages between Central Asia and South Asia.
The minister called for initiating joint ventures with private sector for sustained economic growth.
He highlighted that a B2B forum had been formulated between the investors of Pakistan and China for the mutual benefit of the two countries.
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