Inflation is a Leading Concern for Many Nations The Minister of Planning, Development, and Special Initiatives of Pakistan, Ahsan Iqbal, recently shared his thoughts on the current state of the global economy. According to him, China’s growth will play a significant role in steering the global economy back on track.
Inflation a Major Concern
Inflation has become a major concern for many countries, including Europe and the United States. Central banks have resorted to increasing policy rates, but this has resulted in slowing down the economy, said the minister. Pakistan is currently facing an economic crisis due to several factors, and the government is working to stabilize and revive the economy.
Opportunity to the World
China’s opening up of its market offers a great opportunity for the world, noted Iqbal. The country has a vast consumer demand that can benefit other nations. He cited China’s Belt and Road Initiative (BRI) and China-Pakistan Economic Corridor (CPEC) as examples.
BRI and CPEC Promote Trade and Collaboration
According to Iqbal, BRI and CPEC are platforms that promote inter-regional and international trade, sharing of experiences among different countries, and joint responses to many global issues. He enumerated the advantages of CPEC, which has made a valuable contribution to helping Pakistan overcome its energy crisis, modernize its infrastructure, and lay down a fiber optic cable that provides the backbone to its digital infrastructure.
CPEC is a Regional Opportunity
Although CPEC is a bilateral project, its scope is regional. It provides a chance for Pakistan to improve its standards in various fields and offers an opportunity for other countries. Southeast Asia, the Middle East, and Africa are expressing interest in integrating with CPEC. China has very successfully brokered a peace deal between Saudi Arabia and Iran, which is one of the most remarkable developments of our times and will conceive more opportunities for collaboration in the region, according to Iqbal.
Opportunities for Pakistan and Other BRI Countries
Iqbal hopes that in the coming years, Pakistan will see more relocation of Chinese industries to the country to take advantage of its low cost of production, logistics, and other sectors such as agriculture, meat, and technology. “Now, under BRI and other regional cooperation that we are developing, there will be tremendous opportunities for countries like Pakistan to trade more with China and other BRI countries,” Iqbal added.
China’s growth is expected to play a crucial role in reviving the global economy. BRI and CPEC offer opportunities for inter-regional and international trade, sharing of experiences, and joint responses to global issues. Pakistan and other BRI countries have a chance to improve their standards and trade more with China.
The 10th anniversary of BRI and CPEC in 2023 marks a decade of progress and achievements in promoting trade and collaboration. Iqbal hopes that this milestone will bring even more opportunities for growth and development for the countries involved.
China has been a crucial partner in helping Pakistan overcome its economic challenges, and CPEC has been instrumental in providing Pakistan with much-needed infrastructure and energy projects. The successful implementation of CPEC has also attracted the interest of other countries in the region, who are now looking to integrate with the project.
As China continues to expand its market and invest in the Belt and Road Initiative, it is expected to play an even more significant role in steering the global economy. Countries like Pakistan have an opportunity to take advantage of this growth and promote their economic development by collaborating with China.
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Ahsan Iqbal’s remarks highlight the crucial role that China’s growth can play in steering the global economy back on track. BRI and CPEC offer a platform for inter-regional and international trade, sharing of experiences, and joint responses to global issues. Pakistan and other BRI countries have a chance to improve their standards and trade more with China, which can lead to greater economic growth and development for everyone involved.