ISLAMABAD: Minister for Planning, Development Ahsan Iqbal said that incumbent government was hopeful to inject some fresh momentum into projects that fall under China’s Belt and Road Initiative, as it tries to boost country’s troubled economy.

Government is looking forward to joint ventures for renewable energy projects, agriculture collaboration and possibly enticing some Chinese companies to relocate to Pakistan, Ahsan Iqbal, who also co-heads the committee responsible for China-Pakistan Economic Corridor said in an interview with Bloomberg. “Yeah, I’m very hopeful because I was there in China recently and I had meetings with their senior leadership. So I see great interest on Chinese side to revive momentum for CPEC and also to take it into second phase,” he said Pakistan was seen as flagship destination for BRI projects, with CPEC, which includes port in southern town of Gwadar and new power plants-crown jewel.

Progress on new projects stalled in aftermath of Covid-19 endemic and amid Pakistan’s on-going economic difficulties that have required International Monetary Fund’s intervention. “So all these things really help China see that new government is again serious and it restored their confidence that now Pakistan is, you know, serious about CPEC initiatives,” Iqbal added. One change in second phase would likely involve Islamabad taking a step back while urging private sector to forge partnerships with Chinese firms. Other big focus, albeit long-shot prospect, is to try and attract Chinese firms thinking of relocating from China amid rising labour costs and heightening geopolitical tensions. “Would be success because at moment more than 80 million jobs are being relocated from China to other countries because of high level cost in China,” he said.

“They have gone to Vietnam and you know, Laos and Cambodia. There is now overcrowding there. So they are certainly looking for new places,” he added.