DAVOS, Switzerland: Prime Minister Shahid Khaqan Abbasi on Wednesday said the Belt and Road Initiative (BRI) would create connectivity, create linkages and boost economic growth of Countries part of the project.
While speaking at a panel discussion on “The Belt and Road Impact”; part of the 48th World Economic Forum (WEF) being held at Davos, Switzerland, the prime minister said that the initiative touches the lives of half of the humanity and would have a far reaching impact across the continents.
The prime minister said that Pakistan recognizes the initiative of President Xi Jinping of China who through his vision has created global connectivity for tomorrow.
The BRI is envisioned to enhance connectivity across continents through infrastructure investment, cultural exchange and technological know-how transfer.
It passes through Countries that generate 40 percent of global gross domestic product (GDP) and account for 60 percent of the world population. Spanning four continents, the New Silk Road is being deemed as the largest infrastructure project in history and besides enhancing connectivity would encourage better exchange of cultural knowledge and technological know-how.
Pakistan is one of the 80 Countries through which the BRI passes or would have an impact. Pakistan terms it China Pakistan Economic Corridor (CPEC).
The other panelists in the discussion on the sidelines of the Forum included the President Asian Infrastructure Investment Bank (AIIB) Jin Liqun, the Managing Director Caixin Global Li Xin, the Chief Executive Officer (CEO) Russian Direct Investment Fund Kirill Dmitriev, the Chairman China National Machinery Industry Corp (Sinomach) Ren Hongbin, the Minister of Singapore Chan Chun Sing, and the Chairman and the CEO AECOM Michael S. Burke.
The panelists explored implications for regional collaboration and the expansion of clean infrastructure. They offered their perspective on what the project would offer the world and spoke on the implications for regional collaboration and the expansion of clean infrastructure.
Shahid Khaqan Abbasi said that the BRI would create greater openness and create linkages among the Countries and the people.
Abbasi pointed that the impact of the Belt and Road Initiative was already being felt by Pakistan as new power project were coming up, the Country’s railway sector was being upgraded, along with new motorways, road structures etc. He said Pakistan’s cement industry was adding 56 percent capacity, while the exports had increased by 15 percent.
The prime minister said that the BRI has boosted investor’s confidence and the impact of the project was far greater and far reaching than the mere infrastructure on the ground.
Khaqan Abbasi said that the BRI has the requisite financial sustainability and would also have a positive impact on the environment. This he said was possible despite the fact that Pakistan was putting to work several coal fired power projects. He said at the same time the Country has cut down on the older inefficient furnace oil based. He expressed the belief that the efficiency gains were far more than the impact these would have on the environment.
While agreeing with the views of President AIIB, the prime minister said that the governments must keep their guard against creating “white elephants” and ensure optimum use of resources to create projects that were financially sustainable.
The prime minister said that Pakistan through the construction of its roads, rails and port was providing connectivity to the Central Asian Republics. He expressed the belief that complementarities would create much greater sustainability for the project.
Abbasi said that the Belt and Road initiative was perfectly in sync with the 2018 WEF meeting and looks forward to a shared future, particularly among the participating Countries.
The prime minister stressed the need for ensuring that any projects under the BRI do not create any distortions. He said despite the bilateral constraints, a level playing field needs to be provided for all investors, particularly the local ones, so as to achieve optimal benefits.
The other Speakers were enthusiastic about the project which they believed would be of far-reaching impact, particularly as most of the Countries were less developed and would greatly benefit from economic activity that would be generated by it.
They were of the view that the project would also help bridge the technological gap between the participating Countries and would be sustainable. It was pointed that though there were a number of challenges involved, the positive aspect was that the participating states were willing to resolve the issues and work together by sharing best practices.
The participants also called for greater connectivity and interdependencies for enhanced benefits.
The President Asian Bank said that the project needs to be seen as one that was generating global good for the people in general and would benefit a globalized world. He said that it would also mitigate the concerns by sharing the benefits.
When asked by the moderator to sum up the importance of the project and to win trust and confidence in one word, Abbasi said that the BRI should create “Jobs” while the other speakers called for; continued broad based consultation, common connectivity, sustainable social lessons, global collaboration and signature projects.
Source: APP/DND
