ICT, green energy offer tremendous growth prospects under CPEC: CG

Pakistani Consul General in Shanghai Hussain Haider has said that the next de­cade of China-Pakistan Economic Corridor (CPEC) presents a unique opportunity for China and Paki­stan to further deepen their economic partnership.

“Information and Communication Technology (ICT) and green energy, in particular, offer tremen­dous growth prospects, not only in terms of econom­ic returns but also environmental sustainability and technological advancement,” Gwadar Pro reported the diplomat as having said this during a roundtable arranged in Shanghai.

Hosted by Fudan University and the Silk Road Think Tank Association, the title of the event was “Ten Years of CPEC: Retrospect and Prospects Roundtable at the 7th International Forum on the Belt and Road Initia­tive & Global Governance.”

The Consul General spotlighted the potential in Pa­kistan’s diverse industries, such as textiles, food pro­cessing, automotive, ICT, and renewable energy.

He underscored that Chinese expertise and invest­ment are key to Pakistan’s economic transformation.

The ICT sector, backed by governmental encour­agement, is poised for opportunities, he said. Recent forecasts by government officials, including the inter­im Minister of Information Technology Dr Umar Saif, project IT exports to grow exponentially.

Pakistan’s IT sector has seen a 178% increase over the past five years, boasting a CAGR of 30%.

Pakistan’s burgeoning ICT industry, supported by a favourable regulatory landscape and robust infra­structure, presents numerous opportunities for Chi­nese investors, added the CG.

In light of the global emphasis on sustainable de­velopment, green energy has been earmarked as an essential investment area.

Pakistan offers a promising market for renewable energy investment, particularly in solar and wind power, with the renewable energy percentage in power generation expected to reach 20% by 2030, up from 6.8% in 2023.

Pakistan, which imports $600 million worth of so­lar panels from China annually, is open to Chinese FDI to foster local production aimed at domestic sales and duty-free exports to China and the EU, con­veyed the CG.

The roundtable, attended by diplomats, industry experts, and business leaders from both countries, included a panel discussing Pakistan’s investment landscape and collaborative avenues under CPEC.

The focus on ICT and green energy underscores a significant shift in economic relations as CPEC ad­vances into its next cooperation phase.