Ayesha Saba

Pakistan enjoys a crucial geostrategic location which provides it with an opportunity to tap the benefits of regional connectivity with a huge consumer market and skilled population for investors, experts say. Saddam Hussain, a Research Economist at Pakistan Institute of Development Economics (PIDE), said while talking to WealthPK that Pakistan lies at a crucial location to connect the dots among regional economies willing to enhance economic cooperation.

Recently, a paradigm shift has been witnessed in shape of transition from conventional security to broader economic security. “Economic ties between Islamabad and Beijing have been strengthened since 2000. Through this strategic partnership, Pakistan will have the opportunity to engage with other markets in the region and strengthen its economic position, whereas China’s position as the new economic engine, particularly within the region and across the globe in general, would be further cemented,” he underlined.

Saddam said that connectivity through the China-Pakistan Economic Corridor (CPEC) would also nourish people-to-people contacts. “This would solidify bonds across borders, enhancing shared interests, and fostering a collective approach towards the growth and development of the region,” he said.

The research economist was of the view that geographically, Pakistan is capable of facilitating the Central, West, and South Asian nations to benefit from the Belt and Road Initiative (BRI) via CPEC. He said Pakistani and Chinese leaderships are determined to engage the South Asian countries for the prosperity of the entire region.

“To fully capitalise on its position, Pakistan intends to change its focus from geo-politics to geo-economics, with the goal of improving connectivity and opening the way for all-encompassing prosperity,” he explained. Saddam said the geo-economic policy should encompass all aspects of international economic relations. “This policy must further entail guidelines that lead to specific goals and objectives, including enhancing Pakistan’s exports and share in the international market, both in sectors of its comparative advantage and nascent fields,” he suggested.

Dr Liaqat Ali Shah, Executive Director and Head of Policy Division at CPEC Authority, told WealthPK that the challenges of development and progress have now shifted from political collaboration towards the necessity for cooperation in business, trade, investment, banking, transportation, electricity, and infrastructure.

“Pakistan could leverage its geostrategic position to pursue economic goals, rather than relying on international aid, because it has the only direct link between China and the Middle East, and if properly functional, it could capitalise on that through better diplomatic ties with Arab nations and Central Asian countries,” he said.

“CPEC has immense potential for the development of industrial zones across Pakistan and opportunities to develop underdeveloped areas of Pakistan, particularly in Balochistan and Khyber Pakhtunkhwa provinces through foreign investment, which is coming in the framework of regional connectivity,” he added.

Credit : Independent News Pakistan-WealthPk