China-Pakistan Economic Corridor has created thousands of jobs & enlarged Pakistan’s GDP: FM Bilawal
NEW YORK, Sep 21 (SABAH): At the invitation of China’s State Councilor and Foreign Minister Wang Yi, Foreign Minister Bilawal Bhutto Zardari participated in a Ministerial Meeting of the Group of Friends of the Global Development Initiative (GDI). The GDI was proposed by Chinese President Xi Jinping.
Pakistan has joined the “Group of Friends”, comprising over 50 countries, which was established to promote the objectives of the GDI. In his remarks at Wednesday’s meeting, Foreign Minister Bilawal Bhutto Zardari said that the GDI was a timely initiative. Progress towards achieving the SDGs has suffered a serious setback due to the Covid Pandemic, inflation and climate change. He endorsed action in the 8 key areas identified by the Group of Friends: poverty and hunger, agriculture, climate, energy, trade, industrialization and the digital economy.
He stressed that the three areas where stronger cooperation was needed to meet the goals of the GDI and the SDGs were: finance, technology and capacity-building.
On finance, he highlighted the necessity of larger concessional finance; vastly expanded lending by Multilateral Development Banks and policy banks; the redistribution of the $400 billion un-utilized SDRs, fulfillment of the pledge by industrial countries to provide $100 billion plus annually in climate finance, and the need to explore ways of securing private sector investments into sustainable development projects and developing other innovative financing mechanisms.
On technology, the Foreign Minister highlighted the need for an open international technology regime, with non-discriminatory access, alignment of intellectual property regimes with the SDGs; research focused on the scientific breakthroughs needed to realize the SDGs; and bridging the digital divide.
Lastly, the Foreign Minister highlighted that the GDI can also actively promote developmental capacity in the developing countries, focusing on demand driven scientific, commercial, functional and governance capacities.
The Minister specially highlighted that China’s Belt and Road Initiative is a vital vehicle to promote the GDI’s aim of achieving the SDGs and that this is fully evident in the China-Pakistan Economic Corridor, a flagship project of the Belt and Road Initiative. He informed that Pakistan has implemented $29 billion in transport and energy projects, enhancing Pakistan’s internal and external connectivity and bridging our energy deficit. The China-Pakistan Economic Corridor has created thousands of jobs and enlarged Pakistan’s GDP. He further highlighted that China and Pakistan have invited third countries to join in investing in the emerging CPEC special economic zones.
In conclusion, Foreign Minister Bilawal Bhutto Zardari stated that Pakistan looks forward to working with China and other members of the Group of Friends to promote concrete and expanded economic cooperation and realize our collective aspiration for implementation of the SDGs and a shared future of peace and prosperity for all mankind.
The event also heard a keynote address and closing remarks by Wang Yi, State Councillor and Minister of Foreign Affairs of China, video remarks by the UN Secretary General, and a video briefing on implementation of the GDI.
Meanwhile Bilawal Bhutto Zardari in a meeting with Scott Nathan, Chief Executive Officer of Development Finance Corporation (DFC) in New York on Wednesday stressed the importance of leveraging private sector in building disaster resilience covering infrastructure development, renewable energy, livelihood and businesses for women, and rejuvenation of agriculture.
The Foreign Minister said Pakistan would require huge investment in climate resilience. Mobilizing additional capital through institutions like DFC, including through coordinated efforts with other developmental finance institutions, is imperative to ensure that we adequately address the challenge of climate change.
DFC has developed a Climate Action Plan whereby beginning 2023, DFC would allocate 33 % of its investments in climate related projects.
The Foreign Minister briefed Scott Nathan on the devastating floods in Pakistan and the government of Pakistan’s efforts to manage the crisis. He expressed gratitude for the flood relief assistance provided by the U.S. government.
The Foreign Minister said “Pakistan wants to make economic and investment cooperation as one of the key pillars of Pak.-U.S. relationship. DFC has an important role to play in this regard”.
The Foreign Minister said that attracting investments in all sectors of Pakistan’s economy was the government’s top priority. He laid special emphasis on empowering women economically. The Foreign Minister identified agriculture, infrastructure, energy including renewable energy and tech sector including green technologies as priority areas. He expressed the hope that DFC will consider tapping the tremendous investment opportunities in these sectors.
Scott Nathan expressed solidarity with the people and the government of Pakistan in the wake of the devastating floods and assured continued US support in managing the crisis. He reaffirmed DFC’s interest in collaborating with Pakistan’s private sector and assured continued engagement to identify projects ready forinvestment by US Corporate sector.
The Foreign Minister invited Scott Nathan to visit Pakistan. Scott Nathan accepted the invitation.
“Pakistan’s IT sector has registered strong growth in the recent past opening new opportunities for platforms like Meta to expand its operations in Pakistan”, the Foreign Minister Bilawal Bhutto Zardari said this during his meeting with Nick Clegg, President, Global Affairs at Meta.
Bilawal Bhutto Zardari thanked Meta for donating Rs.125 million for humanitarian assistance to Pakistan in the wake of the deadly floods. He said “these are testing times for Pakistan and this donation would be helpful for our flood relief operations”.
Foreign Minister said “after the floods, the task of full recovery, rehabilitation and reconstruction cannot be accomplished without the support of private sector”
Talking about the opportunities available in Pakistan due to its tech savvy young population (64%below the age of 30), high Tele density, massive digitization of economy and business friendly regulatory regime; Foreign Minister urged Meta to establish its office in Pakistan.
Nick Clegg expressed his solidarity and sympathy with Pakistan on the devastation caused by unprecedented floods.
Nick Clegg said that Meta’s Pakistan team comprised entirely of Pakistani professionals. He briefed the Foreign Minister on Meta’s ongoing connectivity and capacity building programs in Pakistan. Nick Clegg reaffirmed Meta’s interest in continued engagement with Pakistan to explore modalities of further strengthening collaboration in digital space.
Meanwhile on Wednesday Bilawal Bhutto Zardari hosted a meeting of Young Foreign Ministers at the Permanent Mission of Pakistan in New York. Ministers from Canada, Czech Republic, Hungary, Iceland, Lithuania, Liechtenstein, Pakistan, Panama, Qatar, and Serbia participated in the event.
The Foreign Minister highlighted the overarching current and future challenges that humanity faces which the young Foreign Ministers have a responsibility to address, since they will be the beneficiaries or victims of the future world order. He outlined a six-point Agenda to shape a future international order to guarantee security, peace and harmony for all. This would revolve around such challenges as climate change; the evolving global economy impacted by technological and scientific advances, green jobs, modern supply chains, crises and emergencies; peaceful co- existence and resolution of conflicts; the relentless emergence of new weapons driven strategic competition and new scientific innovations; possible future pandemics; and the need for stronger multilateral cooperation.
The UN Secretary-General’s Special Envoy on Youth also attended the meeting and highlighted the Secretary-General’s concerns for the full participation of youth in shaping their own future.
The participating Foreign Ministers unanimously and strongly welcomed the Foreign Minister’s initiative and outlined the issues which they considered vital for the future of the world’s nations. They mentioned current challenges – political, security, economic, human rights and environment – and erosion of mutual trust, human interaction, the anxiety of young people and deficit in global cooperation. There was general agreement that this new platform was a splendid initiative which should be welcomed.
The Foreign Minister, in conclusion, noted the valuable views expressed during the meeting which would form inputs for consideration in formulation of the “Pact for the Future” which has been proposed by the UN Secretary-General.
A summary of the discussion will be circulated to all the participating Ministers and later shared with UN Member States and other stakeholders.