By Hamid Mahmood ISLAMABAD, January 27 (INP-WealthPK) With its goals of regional connectivity and trans-border trade, the China Pakistan Economic Corridor (CPEC) benefits not only Pakistan and China, but also the neighbouring nations such as Iran, Afghanistan, and South and Central Asian countries. Prime Minister Imran Khan will visit China next month to attend the opening ceremony of Beijing 2022 Winter Olympics. He would also welcome key Chinese investors for business-to-business (B2B) and business-to-government (B2G) partnerships during the visit. The visit will help reinforce bilateral ties, increase collaboration on the ongoing projects and explore new investment opportunities. The first phase of the CPEC focused on infrastructure and energy projects, while the second phase will concentrate on industrial growth and agriculture. Pakistan expects significant Chinese investment in industrial and agricultural development, notably in the special economic zones (SEZs) and the Gwadar Free Zone because China has become the main source of foreign direct investment (FDI). Since third-party engagement is permitted under the CPEC, it is envisaged that the Chinese investment would inspire other nations to invest in Pakistan. Speaking to the Chinese media recently, Pakistan's Ambassador to China Moin-ul-Haq said the second phase [of CPEC] will focus on Pakistan's industrial relocation, agricultural innovation, science and technology collaboration, job prospects, and socioeconomic development. He said the Joint Collaboration Committee's 10th meeting held recently evaluated the CPEC's wide-ranging cooperation and identified new areas of cooperation, including information technology, which involved creation of a joint working group on industry. He also emphasized quick progress with the CPEC development projects like the Gwadar Port and Free Trade Zone. He said the Government of Pakistan's strategic transition from geopolitics to geoeconomics was an important endeavour. “Geoeconomics, no doubt, is crucial for Pakistan. Pakistan has been perceived as a country plagued by a weak economy, contentious politics, and societal disorders, for far too long. If we actually want the world to see us differently, not because of our weaknesses but because of our strengths such as our connectivity hub, vast consumer market, increasing middle class, and the youth bulge, a stronger focus on geoeconomics is unquestionably the way to go,” Moin said. Pakistan is also a strategically important country. China, the world's second-biggest economy and the largest trade nation, is located to the north of Pakistan. India, one of the most important growing economies, is located to the east. Landlocked Afghanistan is to Pakistan's northwest, while landlocked and energy-rich Central Asia lies beyond. For international commerce, Pakistan provides the quickest land route to Afghanistan. Iran, to the southwest, connects Pakistan to the oil and gas-rich Middle East. The Arabian Sea, which forms the north-western section of the Indian Ocean, is one of the busiest commerce routes in the world. Endowed with a unique geographical and geostrategic importance, Pakistan should have been a commerce, transportation, and investment hub. In terms of Gwadar port, Pakistan aims to build a new corporate domain comparable to that of the United Arab Emirates. In specific economic, technical, and export zones, industrial investments are encouraged. In these areas, investors will be able to benefit. While the CPEC will benefit many nations, it is probable that the landlocked Central Asian countries will benefit the most. With access to warm waters, they will be able to expand their economies through natural resource trade and strengthen commercial ties with other countries. Increased engagement with Central Asian and South Asian countries will also benefit Pakistan and China, particularly in terms of obtaining access to the region's vast natural resources. Increased regional connectivity will facilitate economic integration and collaboration in other sectors, allowing regional economies to thrive together. Afghanistan and Iran would be the ideal partners for the CPEC because it is the gateway to connect Pakistan with the rest of the world. To facilitate B2G, B2B, and P2P connections, the governments should develop an appropriate legislation, infrastructure and norms, and facilitate investment. The scope of CPEC industrial cooperation is broad, and third-party participation is encouraged.