Pakistan has entered the second phase of the China-Pakistan Economic Corridor (CPEC), marking a shift from infrastructure development to industrial growth, trade, and technology cooperation.
According to the Director of the Lahore Chamber of Commerce & Industry and Convener of CPEC & China Affairs, the sixth round of strategic and economic dialogue on CPEC Phase 2 was recently held in Beijing.
During the first phase of CPEC, major projects, including highways, motorways, the Karakoram Highway, Gwadar Port, and power generation initiatives, were completed.
These projects helped reduce energy shortages, stabilize industrial activities, and restore investor confidence in Pakistan’s economy.
In Phase 2, the focus has shifted from construction to industrial development, trade promotion, agricultural modernization, technology collaboration, and public engagement.
The government has taken proactive steps to address challenges faced by foreign investors, including legal and NOC-related obstacles, by establishing the Special Investment Facilitation Council (SIFC).
Through SIFC’s comprehensive facilitation, Special Economic Zones (SEZs) under CPEC Phase 2 are being developed to promote manufacturing, textiles, IT, and value-added industries.
In Gwadar, Phase 2 plans include industrial, logistics, and urban development projects aimed at transforming the port into a hub for regional trade.
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Experts say that SIFC’s effective facilitation will play a decisive role in Pakistan’s economic and industrial growth under CPEC Phase 2, paving the way for long-term sustainable development.
Reference Link:- https://bloompakistan.com/cpec-phase-2-drives-pakistans-industrial-and-trade-development/