A senior Pakistani minister has admitted that the country has not been able to fully capitalize on the multi-billion dollar China-Pakistan Economic Corridor (CPEC) to boost its exports and attract Chinese investment. The acknowledgment comes amidst Pakistan's ongoing efforts to secure a new bailout package from the International Monetary Fund (IMF).Speaking at a press conference, Federal Minister for Planning and Development, Ahsan Iqbal, stated that the primary objective of the second phase of CPEC was to stimulate growth in Pakistan's agricultural and industrial sectors. However, this goal has not been realized as anticipated.Iqbal, who has been a key figure in the CPEC initiative since its inception, lamented the failure to attract Chinese industries to relocate to Pakistan. He emphasized that the intention behind establishing special economic zones was to draw this investment, which would, in turn, increase the nation's exports.The minister's comments were made public in a report by the newspaper 'Dawn'. He highlighted that instead of enhancing local production and exports, Pakistan's markets have been flooded with Chinese goods. "Instead of our exports increasing, Chinese products took over our market," Iqbal remarked, pointing to a significant trade imbalance.The statement is particularly noteworthy as Pakistan is currently in discussions with the IMF for a crucial financial assistance program. The nation's economic strategy and the performance of major projects like CPEC are under close scrutiny during these negotiations. The CPEC, a cornerstone of China's Belt and Road Initiative, was launched in 2015 and involves extensive infrastructure and energy projects throughout Pakistan. While it was hailed as a transformative project, its failure to deliver on key economic objectives is now being openly discussed by government officials
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