Pakistan’s Planning Minister Ahsan Iqbal offered one of the most direct and candid assessments yet of the country’s shortcomings on the China-Pakistan Economic Corridor, openly admitting that Pakistan failed to capitalise on what he called a “game-changer” opportunity. Speaking at the opening session of a two-day DataFest Conference organised by the Pakistan Bureau of Statistics, Iqbal said that political turmoil and deliberate attempts to “scandalise” Chinese investments created a hostile environment that ultimately chased away crucial foreign investors. Using a cricket metaphor, he remarked that Pakistan “dropped the catch of the game-changer CPEC,” describing it as a historic lapse that undermined years of strategic planning and cooperation with China.
Iqbal emphasised that China had repeatedly stepped forward to support Pakistan during times of economic stress, offering investments, infrastructure development, and long-term industrial cooperation. However, he said those opportunities were squandered when the previous government launched public campaigns casting suspicion on Chinese-funded projects. He noted that these actions, aimed at scoring short-term political points, ended up damaging Pakistan’s long-term economic prospects. According to him, the misinformation and politicisation of CPEC initiatives created uncertainty, forcing several Chinese partners to pause or withdraw plans that had been in the pipeline for years.
The China-Pakistan Economic Corridor, valued at around USD 60 billion, is the flagship component of China’s Belt and Road Initiative, intended to connect Xinjiang to Gwadar port through roads, railways, industrial zones, and energy projects. While early phases of the corridor — particularly energy and road infrastructure — saw rapid progress, Iqbal admitted that progress slowed sharply after 2018. The Express Tribune reported that although 14 meetings of the CPEC Joint Cooperation Committee (JCC) have been held over the years, the most substantial work occurred before the seventh session in 2017. After that, political instability, bureaucratic delays, and investor mistrust stalled the momentum that had initially defined the project.
The most critical setback was in the second and third phases of CPEC — the stages designed to shift Chinese industries into Pakistan, promote export-driven manufacturing, and accelerate large-scale industrialisation. These phases were expected to create Special Economic Zones (SEZs) that would attract foreign investment, generate employment, and modernise Pakistan’s industrial capacity. However, Iqbal acknowledged that Pakistan failed to establish the necessary support systems for SEZs, such as reliable utilities, streamlined regulations, and consistent policy frameworks. As a result, the industrial relocation that was supposed to anchor CPEC’s long-term benefits never took off.
Even after a decade of implementation, officials from both countries agreed in the latest JCC meeting that Pakistan still needs major improvements before SEZs can truly attract global investors. The Express Tribune noted that Chinese authorities urged Pakistan to ensure regulatory stability, speed up land acquisition, and address power supply issues in industrial zones. Pakistani officials, in response, promised to work on improving the business climate, simplifying procedures, and offering financial incentives to encourage both local and foreign companies, including Chinese firms, to invest in SEZs.
Iqbal’s remarks mark a rare moment of introspection from a senior cabinet member. He said the failure to maximise CPEC’s benefits should serve as a lesson for future governments: long-term economic projects cannot succeed amid political chaos, misinformation campaigns, and policy inconsistencies. He stressed that rebuilding trust with Chinese investors will require sustained effort, institutional reforms, and a clear demonstration that Pakistan is ready to provide a stable environment for investment.
