Private sector hitchhiking “Belt and Road”

Many Belt and Road Initiative (BRI) countries, including Pakistan, Iran, Turkey and so on, are still in the process of industrialization and have great potential for economic growth. The future of BRI is closely linked to the development and industrialization of these countries. The cultural characteristics, environmental conditions and industry types should be considered carefully based on local requirements. A working group composed of think tanks and business community from BRI countries is quite necessary. More B2B collaborations should be brought into mainstream with governments playing the role of facilitator.

The above views were expressed by Mr. Hasnain Reza Mirza, President of Golden Ring Economic Forum (GREF), a Policy Research Think Tank and a Lobbying Group working towards strengthening Strategic Economic Cooperation between Pakistan, China, Iran, Russia and Turkey in a recent interview with Gwadar Pro. These five countries possess more than 30% of natural & human resources of the world which are around Central Asia & Afghanistan.

Mr. Hasnain emphasized that the rule of extensively integrating the private sector should be followed. “More SEZs operated and managed by the private sector need to be developed. The environmental issues brought by the establishment of SEZs should be paid more attention. More facilities for the environmental cleaning basement should be used and these SEZs should be established in areas which are not green instead of agricultural lands. After being employed, the locals will stop working for the insurgents or the terrorists as well.”

Pakistan’s geophysical location gives it an extraordinary status on the globe. Mr. Hasnain stated that by fully utilizing Gwadar Port this strategic advantage can be exploited not only by China but also by Russia, Central Asia and even Iran. China and Pakistan have to work closer to counter the security threats to CPEC.
GREF is also proposing to form a private sector security council for BRI and CPEC projects. A media association or council of GREF countries including both print media and electronic media should also be formed.

Source: China Economic Net