CORONA Virus has taken a heavy toll not only on humans
but also economies around the world. Being a developing
nation, Pakistan’s economy has also been hit hard. This is for the first time in several decades that country will be posting a negative growth this year while there are forecasts that millions of people will lose their livelihoods especially in industrial, services and agriculture sectors in initial round of contagion’s breakout. Other casualties are foreign direct investment, exports and remittances.
This is a worrisome situation yet with a focused approach and by grabbing opportunities that are knocking at our doors, we can surmount the challenge. Undoubtedly, multi billion dollars China Pakistan Economic Corridor (CPEC) is the key to revive moribund economy. Experts see it as an opportunity that provides hope, jobs and tangible foreign direct investment in a sea of economic uncertainty. Thus, we will have to give a renewed focus and importance to the corridor project to come out of dire straits. At this critical juncture, the country cannot afford any indecisiveness and sluggishness but prompt decisions related to CPEC projects in order to cultivate its benefits in the form of acceleration of economic activity. With Asim Saleem Bajwa overseeing CPEC authority, one may expect speed in the execution of projects. Central Development Working Party on Saturday approved $7.2b ML-1 project and referred it for further approval to the ECNEC. This project envisages upgradation of Main railway line from Karachi to Peshawar, establishment of a dry port near Havelian Railway station and upgradation of Pakistan Railway Academy Walton, Lahore.
The project that hit many snags in the past is important to modernise the rustic infrastructure of Pakistan Railways, ensure fast movement of cargo and passenger trains and make Pakistan a hub of trade activities in the region. Execution of this project at this time will also provide hundreds of thousands of job opportunities to our youth. Hence, priority should be given to commencement of work on this important project. Similarly, engagement with Chinese authorities should be increased for their investment in Special Economic Zones. These have the potential to bring industrial revolution in the country. CPEC offer an opportunity to Pakistan to recover from the shocks of contagion and stand on its own feet. It is now up to our government as to how it expands scope in different areas with the cooperation of Chinese who have already shown commitment and willingness to extend support to Pakistan.
