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Pakistan would be world’s 15th largest economy by 2050


Prime Minister Shahid Khaqan Abbasi, addressing the opening ceremony of the Boao economic forum in China’s Hainan province on Tuesday, said regional connectivity, open trade and increased economic growth were the key to promote tolerance and deny space to extremism.

“In Pakistan today, step by step, brick by brick, a brave new Asia is taking shape,” he said. The China Pakistan Economic Corridor (CPEC) is fast reaching fruition, said the PM, terming it an excellent example of an open, coordinated, and inclusive development paradigm that benefits all stakeholders. “We have already begun reaping dividends of CPEC rail, road and infrastructure projects. CPEC investment and its spin-off effects have generated thousands of jobs. 10,000 MW have been added to our national grid, ameliorating our chronic energy shortages.”

He said the development of the deep seaport of Gwadar was proceeding at a fast track, at the southern tip of this Corridor. “On completion, it would not only serve as a transit and transshipment hub, but become an economic nucleus.

“Pakistan’s economy is growing 6 per cent annually,” he said. “Over the medium-term, our growth rates are expected to surpass global averages. And by 2050, we will be the worlds fifteenth largest economy.”
Foreign Minister Khawaja Muhammad Asif, Interior Minister Ahsan Iqbal, Ambassador Masood Khalid and other senior officials also attended the event.

Boao Forum is a non-governmental and non-profit international organisation which was formally inaugurated in 2001. It aims to promote and deepen economic exchanges, coordination, cooperation within Asia, between Asia and other parts of the world.

Meanwhile, President Xi Jinping and Prime Minister Shahid Khaqan Abbasi on Tuesday pledged to re-enforce their decades’ old friendship, bringing it to higher level.

During their bilateral talks held here on the sideline of the Boao Forum for Asia, the two leaders discussed wide-ranging issues of bilateral interest, particularly in the context of China-Pakistan Economic Corridor (CPEC), reports Chinese official news agency Xinhua. China-Pakistan relations should be a pillar for regional peace and stability, Xi Jinping said during the meeting, which lasted for quite sometimes.

The ties between the two countries should become a model for good-neighborly relationship and international cooperation under the Belt and Road Initiative, Xi said.

China is willing to make joint efforts with Pakistan to push bilateral ties to a higher level and build a more closely-knitted community with a shared future between the two countries, the president said.

Xi called for efforts from both sides to advance the construction of the China-Pakistan Economic Corridor, and ensure the sound planning and implementation of cooperation projects involving infrastructure construction, such as the Gwadar Port, as well as energy and industrial parks.

For his part, Abbasi said China and Pakistan are “iron friends” who always support each other on issues involving each other’s core interests and major concerns.

Hailing CPEC’s important role in the development of both countries and the region, he expressed Pakistan’s willingness to promote bilateral cooperation in finance, energy, agriculture, infrastructure and human resources.

Source: Pakistan Observer