By Hamid Mahmood ISLAMABAD, Jan. 26 (INP-WealthPK): Progress in the strategic deep sea port of Gwadar – a key project of the China-Pakistan Economic Corridor – has been praised internationally for its flawless and well-planned operation. The port’s high-quality growth is a result of China's all-around opening-up policy as part of the Belt and Road Initiative (BRI), demonstrating peaceful development by establishing a route of global connectivity and prosperity in the area. On January 5, the Chinese embassy in Pakistan hosted a ceremony together with the Pakistan-China Institute (PCI) and the All-Pakistan Chinese Enterprises’ Association (APCEA). The annual APCEA Sustainable Development Report 2021 was launched at this event. Chairman of Senate of Pakistan Sadiq Sanjrani graced the occasion. Chairman of APCEA Yang Jiandu, Chairman of PCI Senator Mushahid Hussain Syed, SAPM for CPEC Affairs Khalid Mansoor, Minister Counsellor for Economic and Commercial Affairs Xi Guoxiang, and Chinese Ambassador to Pakistan Nong Rong were among those in attendance. Speaking on the occasion, Sadiq Sanjrani said the report will help the public understand the potential presented by the CPEC and Chinese firms in Pakistan. The CPEC, he said, will be a game-changer because it would provide commercial connectivity and economic prospects across the region. Furthermore, he stated that following the first phase of infrastructure building and development as well as resolution of the energy issue, the second phase of the CPEC will usher in an age of industry in the nation. He underlined the importance of increasing relationships with Chinese enterprises in order to unleash potential of the second phase. He asked the APCEA to strengthen connections with Pakistan's Chambers of Commerce and Industry. Senator Mushahid Hussain Syed said the APCEA development report will help present the facts and counter the misinformation about the CPEC. He cautioned businesses to be ready against any disinformation campaign in this area and praised efforts for streamlining 37 rules and regulations that make up the extensive bureaucratic red tape, saying it will facilitate the Chinese entrepreneurs' jobs. He said 2022 was Pakistan's Platinum Jubilee year and that Pakistan-China ties were as important as ever. Chinese Ambassador Nong Rong said his country had spent over $25 billion on CPEC projects in Pakistan, which would help create 75,000 jobs, generate 5,500KW of power, and construct over 500 kilometres of roads and highways. According to the 2020 Statistical Bulletin of China released in September 2021, Pakistan makes it to the top 10 among BRI countries and top 20 globally in China’s outward foreign direct investment. According to the Board of Investment (BOI) figures, Chinese companies invested $1.3 billion in Pakistan in 2017. This investment decreased in 2018 but increased in 2020, reaching $0.75 billion. These figures show that the second phase of the CPEC and special economic zones (SEZs) under the framework would boost bilateral trade and direct investment by making it simpler for Chinese companies to grow their commercial presence in Pakistan. Chinese enterprise’s investment is illustrated in the given figure. Source: BOI Pakistan Three out of nine SEZs under the  CPEC, including Allama Iqbal Industrial City in Punjab, Rashakai SEZ in Khyber Pakhtunkhwa, and Dhabeji SEZ in Sindh, are close to completion. The SEZs offer enticing fiscal advantages, including a 10-year tax-free term and customs duty exemption on capital goods imports for both the developer and the tenants. With the execution of the CPEC, Pakistani industries have re-energized, stimulating Pakistan-China trade and assisting in the establishment of international-standard manufacturing centers in several Pakistani provinces. The second phase of the CPEC concentrates mostly on an industrial organization with business-to-business investment. The government's goal would be to complete all projects on time and to continue to fulfil both sides' full potential for socio-economic growth, job creation, people's livelihoods improvement, quicker industrial development, industrial parks construction, and agricultural cooperation. The governments should design effective rules and regulations, and an efficient infrastructure to support a three-dimensional connectivity – Country-to-Country (C2C), Business-to-Business (B2B), and People-to-People (P2P) linkages – and act as a facilitator for the investors. The scope of CPEC industrial cooperation is broad and it welcomes the third-party to join the cycle of sustainable development.