SHANGHAI, Nov. 27 (INP): “The next decade of China-Pakistan Economic Corridor (CPEC) presents a unique opportunity for China and Pakistan to further deepen their economic partnership.
Information and Communication Technology (ICT) and green energy, in particular, offer tremendous growth prospects, not only in terms of economic returns but also environmental sustainability and technological advancement,” stated Hussain Haider, Pakistani Consul General in Shanghai, Gwadar Pro reported on Monday.
The remarks were made during the “Ten Years of CPEC: Retrospect and Prospects” Roundtable at the 7th International Forum on the Belt and Road Initiative & Global Governance on November 26, hosted by Fudan University and the Silk Road Think Tank Association.
The Consul General spotlighted the potential in Pakistan’s diverse industries, such as textiles, food processing, automotive, ICT, and renewable energy.
He underscored that Chinese expertise and investment are key to Pakistan’s economic transformation.
The ICT sector, backed by governmental encouragement, is poised for opportunities, he said. Recent forecasts by government officials, including the interim Minister of Information Technology Dr. Umar Saif, project IT exports to grow exponentially.
Pakistan’s IT sector has seen a 178% increase over the past five years, boasting a CAGR of 30%.
Pakistan’s burgeoning ICT industry, supported by a favorable regulatory landscape and robust infrastructure, presents numerous opportunities for Chinese investors, added the CG.
In light of the global emphasis on sustainable development, green energy has been earmarked as an essential investment area.
Pakistan offers a promising market for renewable energy investment, particularly in solar and wind power, with the renewable energy percentage in power generation expected to reach 20% by 2030, up from 6.8% in 2023.
Pakistan, which imports $600 million worth of solar panels from China annually, is open to Chinese FDI to foster local production aimed at domestic sales and duty-free exports to China and the EU, conveyed the CG.
The roundtable, attended by diplomats, industry experts, and business leaders from both countries, included a panel discussing Pakistan’s investment landscape and collaborative avenues under CPEC.
The focus on ICT and green energy underscores a significant shift in economic relations as CPEC advances into its next cooperation phase.
INP/javed
