CPEC is mutually beneficial to Pakistan and China: Says Federal Minister Asad Umer

Karachi, November 23, 2019: While denouncing the statement of US foreign office diplomat Alice Well that China alone is the beneficiary of China-Pakistan Economic Corridor CPEC, Federal Minister for Planning and Development Asad Umer said that Pakistan is also an important beneficiary of this umbrella project in terms of energy and infrastructure. Federal Minister made these remarks during press conference in press club Karachi today.

CPEC is integral to Pakistan’s long term economic development, so much so that successive governments have taken ownership of this bilateral project. We have also taken it forward with a special focus on industrialization, agricultural growth, and social security, Federal Minister added.

Federal Minister castigated Alice Well’s statement that Pakistan will be swamped by China in debt. He said that besides being a huge investment portfolio, CPEC is bringing in commercial debt in Pakistan, which is only 1/4th of overall public debt. But this commercial lending from China will be decreasing within three to four years once our own economy stabilizes.

Pakistan is going to get a technology transfer from China under CPEC. There is even debate within the USA that China will be the future giant in global technology, he added.

Pakistan welcomes the USA and Europe too to invest in cpec and build up a multilateral partnership. “China is our all-weather friend but we welcome all to be a part of CPEC”, he said.

Federal Minister also exhorted on peace and security as the essentials for the culmination of CPEC ongoing energy and infrastructure projects.