Post by : Rameen Ariff

Pakistan’s Planning Minister Ahsan Iqbal has openly acknowledged that Islamabad failed to capitalize on the China-Pakistan Economic Corridor (CPEC), marking one of the strongest public admissions from a sitting cabinet minister about the stalled mega-project. Speaking at the inaugural session of the DataFest Conference, Iqbal said the country “dropped the catch of the game changer CPEC,” missing major economic opportunities that once promised to reshape Pakistan’s development path.

The $60 billion CPEC initiative — connecting China’s Xinjiang region with Pakistan’s Gwadar port — was intended to be a flagship component of China’s Belt and Road Initiative. The corridor was designed to boost Pakistan’s infrastructure, strengthen energy security, expand industrial zones, and stimulate economic growth.

However, Iqbal asserted that political controversies under the previous Imran Khan-led government damaged investor confidence, driving Chinese businesses and financiers away despite Beijing’s continued support.

Political Uncertainty Blamed for Investor Exit

According to the minister, the reputation of Chinese investments suffered significantly during the political turbulence following 2018. He claimed that the lack of clarity, policy consistency, and stability during that period led to Chinese investors reconsidering their commitments to long-term projects.

Iqbal emphasized that Pakistan’s economy missed critical “take-off moments” that CPEC once offered, stressing that the nation now faces the consequences of failing to sustain momentum.

CPEC Progress Slowed Dramatically After 2018

Reports indicate that progress on CPEC drastically slowed after 2018. Although 14 meetings of the Joint Cooperation Committee (JCC) have been held since the project’s launch, officials note that most of the “productive work” was completed before the seventh JCC meeting in 2017.

Experts say Pakistan has gained short-term benefits — including improvements in energy supply and road connectivity — but long-term goals remain largely unmet. These objectives included industrial relocation from China to Pakistan, export-oriented manufacturing, and the development of Special Economic Zones (SEZs).

Second Phase of CPEC Yet to Begin

The second phase of CPEC, focused on industrial cooperation and boosting exports through rapid industrialization, has not yet taken off. More than a decade since implementation began, major SEZs are still awaiting full infrastructure, support services, and incentives necessary to attract large-scale investment.

During recent discussions at the latest JCC meeting, Pakistani representatives pledged improvements to the business environment and committed to introducing facilitation measures aimed at attracting both Chinese and foreign investors.

A Rare Admission From a Senior Minister

Iqbal’s candid remarks highlight the growing concern within Pakistan’s leadership about missed economic opportunities. His acknowledgment signals an urgent need for policy reform, political stability, and consistent execution if Pakistan hopes to revive momentum and regain investor confidence in CPEC.

For many analysts, the minister’s comments underscore the broader challenge: without addressing governance issues and ensuring long-term commitment, Pakistan risks losing one of its most significant development opportunities in decades.

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