Business

Pakistani Businessmen Back ‘China-Dominated’ Global Order

ISLAMABAD: Islamabad Chamber of Small Traders (ICST) said on Tuesday that the China-Pakistan Economic Corridor (CPEC) is an important step towards the new global economic order which will trigger growth in the third world.

Claiming that western economic powers are reluctant to relinquish control, ICST Patron Shahid Rasheed Butt said the western economic model has failed to provide relief to the masses while commending the ‘Chinese model’ for triggering development of underdeveloped countries.

In a statement, Butt said that CPEC is the stepping stone of the new economic order ‘dominated’ by China which will strengthen the Pakistani economy by boosting domestic production, increasing exports and providing employment.

“A network of 3,218 km of roads, railways and dry ports from Gwadar Port to Kashgar will enhance the lives of about 3 billion people of this region,” Butt stated. “It will also allow China to trade with half of the world’s countries with Pakistan as the connecting link,” he added.

The ICST patron said that the mega project covers the crucial transportation and energy sectors. An energy master plan of power generation projects to overcome energy crisis will benefit Pakistan, he emphasised.

“This project [CPEC] will open new business outlets for businesspersons from China, Pakistan, and Iran,” Butt predicted, hoping that it will also provide a platform for cooperation in Pakistan’s huge agricultural sector and will boost the tourism industry of Pakistan.

He said that CPEC was a historic opportunity for Pakistan to place itself on a high growth trajectory, create jobs, improve and construct critical infrastructure and augment access to energy.

“The only thing required is determination to develop as CPEC has the potential to be one of the biggest economic projects in the future,” he emphasised.