Planning Minister reviews CPEC 2.0 progress

ISLAMABAD: Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, chaired a meeting on Thursday to assess the implementation of decisions regarding China-Pakistan Economic Corridor (CPEC) projects.

These decisions were particularly those made during Prime Minister Shehbaz Sharif’s recent visit to China.

“There is complete agreement between the leaderships of China and Pakistan on the second phase of the China-Pakistan Economic Corridor, also known as CPEC 2.0,” said Iqbal.

The minister said his visit to China last week was a continuation of the PM’s discussions with the Chinese president and prime minister, which focused on the strategic implementation of these decisions to ensure the success of CPEC 2.0.

Mentioning the global interest in China’s economic development model, he said world leaders were keen to benefit from China’s innovative approach. “As of 2018, Pakistan was the biggest beneficiary of China’s economic model and open market due to CPEC,” he remarked.

However, he said, progress slowed down after 2018, leaving Pakistan behind while other regional corridors completed their projects.

Despite these setbacks, Ahsan Iqbal stressed the continued importance of CPEC due to Pakistan’s strategic geographical position. He urged the Ministry of Railways to expedite the documentation and preparatory steps for the ML1 project.

“During my recent visit to China, we agreed to convene an early meeting of the Joint Financing Committee for the ML1 project, which will take place within a month,” he announced.

He stressed the need for full preparation by the Ministry of Railways and other concerned departments for this critical meeting.

“Given CPEC’s unique status, there are ample growth opportunities. To capitalise on these opportunities, we must be serious about completing the projects included in Phase 2.0,” he added.

The minister also called for a collaborative effort from all relevant ministries and institutions to ensure the timely completion of CPEC projects.

“The governments of China and Pakistan have agreed to start work on the ML1 project soon. The duration and stages of completion will be determined in the upcoming meeting of the Joint Financing Committee,” he said.

Additionally, he urged the Railway and National Highway Authority (NHA) to prepare a comprehensive master plan for road construction across the region. “The master plan should outline how CPEC and Pakistan can play a pivotal role in connecting the entire region and serve as an engine of global economic growth,” he stressed.