Federal Minister for Planning Development & Special Initiatives Ahsan Iqbal has rejected the perception that China’s Belt and Road Initiative (BRI) is a ‘debt trap’.
“I don’t think it’s a ‘debt trap’ as I believe it’s a fact trap to distort the spirit of BRI,” said the minister while talking to international media representatives on Wednesday.
“Wherever BRI has gone, the local people can testify that it has had a very positive impact,” he added.
The minister appreciated China for extending BRI to Pakistan in the shape of the China-Pakistan Economic Corridor (CPEC) which has given Pakistan a great opportunity in areas of energy, infrastructure, telecommunication, industrial cooperation, and in unlocking hidden treasures like the Thar Coal Project.
The planning minister described the significance of the project, stating that Gwadar Port City is set to become a major trade and commerce hub in the region with its Free Zone and investment from Chinese companies. He highlighted the strategic location and potential for trade in Gwadar, stating that goods can be shipped to China through Gwadar at almost one-tenth the distance from the South China Sea.
Regarding potential partnerships between Pakistani and Chinese companies, the minister said that the government is promoting exports to third countries through joint ventures and seeking cooperation from Chinese companies to set up industries in Pakistan for joint production and export.
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30 bil $ of CPEC amount is loan. While it may not have been designed as a Debt trap, our leaders attitude and their priorities will certainly turn it into one. We can count on our govt. to make things head south always.