Pakistan’s Planning Minister Ahsan Iqbal has admitted that the country failed to benefit from the China-Pakistan Economic Corridor (CPEC) at a crucial time. He said Pakistan “dropped the catch” of a major economic opportunity because political instability scared off Chinese investors during former Prime Minister Imran Khan’s tenure.
Speaking at the DataFest Conference, Iqbal said Pakistan’s economy had several chances to take off, but internal disputes weakened investor confidence. He added that the previous government damaged the reputation of Chinese investments, even though China supported Pakistan during difficult periods.
CPEC, a $60 billion project under China’s Belt and Road Initiative, aims to link Xinjiang with Gwadar port and boost Pakistan’s infrastructure and industry. However, progress has slowed sharply since 2018.
According to a report by the Express Tribune, real development happened only up to the seventh meeting of the Joint Cooperation Committee in 2017. Later phases, including the plan to shift Chinese industries to Pakistan and increase exports through fast industrialisation, failed to launch.
More than a decade after CPEC began, both sides still say Pakistan must upgrade its Special Economic Zones. Officials claim they will improve the business environment to attract more Chinese investment.
