by Raheela Nazir

ISLAMABAD, Feb. 14 (Xinhua) -- The China-Pakistan Economic Corridor (CPEC) has been laying a solid foundation for sustainable economic growth of Pakistan, bringing socio-economic benefits and prosperity to it, said Pakistani experts and officials on Thursday.

During the first phase of CPEC, a flagship project of the China-proposed Belt and Road Initiative, a number of infrastructure and energy projects have played a vital role in reshaping Pakistan's economic landscape, said the experts during a seminar on CPEC organized by the Institute of Regional Studies (IRS), an Islamabad-based Think Tank.

Haroon Sharif, former minister of state and chairman of Pakistan's Board of Investment, said that CPEC is viewed as either a geopolitical shift or a massive infrastructure project, but in reality, it is an economic development approach based on connectivity.

He said that an economic corridor is a connection between economic hubs in which a large amount of economic resources and actors are concentrated along a defined geography, adding that besides connectivity, trade expansion and private sector participation are critical.

Commenting on the development of special economic zones under the framework of CPEC to boost industrialization, Sharif said that other than infrastructure, there must be a comprehensive policy framework, efficient governance, and adequate financing for the implementation of these economic zones.

"Economic zones only thrive when there are joint ventures, investment-friendly policies, and structured governance models that attract investors," he added.

Sharif believed that Pakistan and China need to focus on a market-driven approach where private investors and businesses lead rather than government-to-government ventures in the second phase of CPEC.

On the occasion, Jauhar Saleem, president of the IRS, termed CPEC as a game changer for Pakistan for building a foundation for fostering robust partnerships and driving key infrastructure and energy projects.

Over the last 10 years, Pakistan has received over 25 billion U.S. dollars in direct investments under CPEC, adding that Pakistan must cooperate with China to strengthen the country's industrial base to give impetus to industrialization modernization and enhance exports.

During the event, the experts also called for collaboration between China, Pakistan, and other regional partners to unlock the full potential of the second phase of CPEC, ensuring it becomes a lasting engine of economic prosperity for Pakistan. Enditem

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