Pakistan's Planning, Development and Reforms Minister Asad Omar has said that industrial cooperation under the second phase of China-Pakistan Economic Corridor (CPEC) will bring a permanent boom in the country's employment sector. According to the news agency Xinhua, Omar, who took charge of his ministry earlier this week, told a press conference in Karachi on Saturday that initially 9 Special Economic Zones will be set up across the country, to be inaugurated in northwestern Khyber Pakhtunkhwa province. Will be done soon.
The Minister said that the first phase of CPEC has been successfully completed with the improvement of infrastructure, setting up of power plants and development and operation of South-West Gwadar Port and now the second phase is bringing cooperation in social sector, Minister Omar dismissed the notion that CPEC was increasing the debt and made it clear to media persons that CPEC brought only $ 4.9 billion in loans to Pakistan at an average interest rate of 2.34 percent, which is comparatively very low, While the rest is an investment. He said, 'CPEC did not put a burden on the Pakistani economy but helped in coming out of the crisis. CPEC revolutionized infrastructure and helped finance Pakistan. '
Omar said that the project is not aid but trade. He pointed out that CPEC is an inclusive project as is the Belt and Road Initiative (BRI). Pakistan and the entire region can benefit from these projects if we establish cooperation and peace in the region. He said that China proposed BRI can bring prosperity and sustainable development in the entire region.agricultural development and industrial cooperation.
