Pakistan’s New Economic Corridor and Beyond


– Excellencies, students, colleagues, ladies and gentlemen, good afternoon. As the dean of Georgetown
University in Qatar, it gives me great pleasure to welcome you to our campus today, and
to today’s discussion on Pakistan’s economic corridor and beyond with Pakistan’s minister of interior, Minister Ahsan Iqbal Chaudhary. Minister Chaudhary is the
federal minister of interior and minister of planning, development, and reform for Pakistan. He has been a member of
Pakistan’s National Assembly since 1993, and has been
elected to Parliament on four separate terms. He’s the deputy secretary general of the Pakistan Muslim
League Nawaz, and also a member of central executive
committee of the party. He served as federal education minister in the coalition government
formed after the 2008 elections, and has previously served as chairman of the Better Pakistan Foundation, and as a professor of management at Mohammad ali Jinnah University. He was the chief coordinator and author of Pakistan’s Vision 2010,
and his initiative letter, the formulation of the country’s
first national IT policy. In 2016, he was appointed the United Nation’s Development
Program’s champion minister from the Asia Pacific
region in recognition of his efforts to promote
the United Nation’s sustainable development goals. Minister Chaudhary has also
a connection to Georgetown, and we’re proud to claim
him as one of our own, having participated in the
Georgetown leadership seminar, an executive education program conducted and hosted by the Institute
for the Study of Diplomacy at the Edmund Walsh
School of Foreign Service at Georgetown University. He holds an MBA in strategic
management and marketing from the University of Pennsylvania. We look forward to the
minister’s brief comments and presentation today, so please join me in welcoming Minister Chaudhary. (audience claps) – (speaks in foreign language) Thank you, Dean Ahmad. I am really honored. I’m actually coming straight
after two interviews with Al Jazeera Arabic
service and English service, so you can well imagine, that takes quite energy to do two
back to back interviews, but I think Dean has given me some energy because there was a guy like myself who was not a good speaker. Every time he received
an invitation to speak, he would readily yet accept it, and until the time his
speaking engagement was over, his own life and the
life of people around him became very miserable because he became very jittery with the fear of facing the audience, and
’til that moment was over, that jitterness would also
fall upon people around him. One day, his assistant asked him, “Sir, I know that you
are not a good speaker, “and it is not a pleasant
experience for you either, “because every time you
accept a speaking engagement, “you subject yourself to great pain, “and also make the life of “people around you quite miserable. “I just wonder, what is
it that keeps you going “and accepting all these invitations?” He said, “John, it is the pleasure “of listening to the introductions.” (audience laughs) Again, I’m very honored with
the very generous introduction, but it is indeed a great privilege for me to meet students and faculty at Georgetown University in Qatar, and as Dean mentioned, that I had also a great opportunity to attend one of the executive education programs at School of Foreign Service
in DC of Georgetown University, and I have very good
memories of that program. As you all know that, today, we are living in very interesting times in a way as it has been described by many. The dark times are best captured by a Chinese quotation which says that, when fish is out of water, it flips and flops madly
in search of peace. Every flip it takes, it expects
that it might get peace, but that peace does not come. It has more pain, and then it flops, again searching for peace. That peace does not come, and
it keeps flipping and flopping until it either loses life, or someone throws it back into water for it to find peace. In many ways, we are
finding that our world today is also flipping and flopping because it is experiencing new challenges… which are not compatible
with the structures that evolved over previous centuries in a world which was far more predictable, far more normal, and was based
on an industrial revolution. Every time human society undergoes a paradigm shift in terms
of its productive capacity, there is a major shake-up
in the world landscape, economic, political, just as when we moved from agricultural economy
into an industrial economy, there was a major redistribution of power as well as economic structures and social structures all over the world. Many countries that were
behind became the new leaders, and many countries which were dominant in pre-industrial world became, almost, they went behind, and became followers. Now, we are again in that
punctuated equilibrium state where the environment is changing. New realities are emerging,
social, political, economic, tectonic plates of human civilization are undergoing fundamental changes, and with this movement
of the plate tectonics, we find jolts in different
parts of the world. That way, these are very
challenging and interesting times, and I think the role of
leadership is to make as smooth a transition as possible by following a more
collaborative path because the world is now far more
connected than it ever was. What happens today in Pacific Ocean island very soon catches up
with anyone everywhere. You cannot close societies or countries with any walls around that country when someone hitting one
button in remote island on social media can cause some big event somewhere else in the world. This connectivity and network
nature of the new world requires that we also form
collaborative platforms in pursuit of shared destiny of mankind. In this networked and
more connected world, any effort to disconnect, or
any effort for confrontation can have very serious
implications for everyone. In conflicts, there are no winners. Everyone is a loser, and
Pakistan is one country that has experienced it for too much time. Since 1979, we have seen how
conflicts destabilize regions, how conflicts can destabilize
the fiber of society, and how conflicts can undermine political and economic
stability of countries. In 1979, when Soviets invaded Afghanistan, a new conflict started in our region that was in shape of the war
against so-called evil empire at the behest of the Western world, which was led by United States. I always say that our security agencies neither had the telephone
number nor Telex contact, that was the age of Telex
contacts, of Osama bin Laden. Nobody in our country knew who he was, but he was introduced
to our security agencies by Western security agencies. Along with him came a
baggage of number of jihadis from Middle East, from
Burma, and from everywhere. Then Pakistan became the base station, the front line state to
fight the evil empire. Universities in United States prepared special curricula for the schools
of Afghan refugee children to make them more militant,
and make them more radicalized so that they could fight the Soviets. In the process, when this
world war was being fought, militancy and terrorism
started developing roots also in our country. Many madrases which existed
in our country for centuries and were very peaceful,
they were radicalized so that their graduates
could produce the warriors who will fight the Soviets in Afghanistan. As soon as Soviets were defeated, and they pulled out of Afghanistan, everybody washed their
hands and left that place. If you leave poorest of the poor societies with dumps of ammunition and missiles, and radicalized ideology, that society will never produce Ford
motor vans or IBM computers. It will only produce or breed
militancy and terrorism. That is what happened in
that part of the world. Pakistan had to support
3.5 million refugees for over three decades now. Today, you see the images
of few dozen refugees going from Syria to Europe
or to North America. There is a human cry in
the whole media, that, “How these refugees are
coming to our society?” I think, at best, they
had a few thousand, maybe. For us, it was millions. Pakistan was neither Europe,
nor it was United States. It was a third-world country
with very weak economy, and we had to bear this
burden for many decades. The trophy of Soviet defeat
went to United States with its intellectuals
declaring end of the history, that now, we have won the final war, the human history has
come to its logical end. In Europe, Berlin Wall came down, and the trophy went to Germany through unification of Germany. But in Pakistan, ’til this date, we are paying the price of those trophies. We are still paying the
price for the defeat of communism and Soviet Union, for unification of Germany in shape of drugs, in
shape of Kalashnikovs, and in shape of millions of refugees who still are living in Pakistan. Pakistan has a long
experience of conflict. In our experiences,
conflict has no winners. Everyone is a loser in conflict, so it is very important
that we understand that, if we want to save this world, if we want to create a safer world, we must have a shared sense of future, and a shared sense of destiny. The destiny is no longer dissected. In a networked and a connected world, there is only a shared
destiny for everyone. That requires people to work together. In this background, I think, the One Belt One Road Initiative offered by Chinese leadership
is very progressive and very powerful idea because what it seeks is that, today, world is in crisis because world economy is showing signs of fatigue
because of several reasons. The world economy has slowed down. Growth is not happening in
Europe and United States, the real engines of world economy. There are now two kinds of
responses that are emerging. In most of the developed world, the response is that, let
us develop or build walls to protect ourselves against this new challenge that is emerging. Unlike this response, China is responding in its own wisdom, as
the Chinese proverb says, that, when the winds
of change are blowing, you can either construct
walls to protect yourself, or you can construct windmills to be beneficiary of those winds. The response of China is that, if we really are connected, and
if we have a shared destiny, then we must work together to see how we can recreate
growth in world economy. Growth comes down when there is no demand. When the demand slows,
the growth comes down. If we want growth in world economy, we need to generate demand. Now, demand is not happening
from the existing markets, so that means that you must
seek to create new markets so that there is new demand. If we have to create new markets, then we have to create new connectivity. Through new connectivity,
we can create new markets, and that will create more demand, and that will have an
opportunity for everyone to aspire for more growth. This is the larger
vision which China offers through One Belt One Road. On Pakistan’s side, when we
came in government in 2013, we inherited a big mess. The country was in deep crisis. Newsweek had put Pakistan
on its title page, that the most dangerous
country in the world is not Iraq, it is Pakistan. Our energy was facing acute crisis with 18 to 20 hours of power shortages very common all over the country. The workers were jobless,
they were out on the streets. There were news that there
might be civil war in Pakistan due to energy or power crisis. Similarly, terrorism had taken big toll, and not a day would
pass when there was not a terrorist incident in
any part of the country. As a matter of fact, if, on any day, the human toll was five, six, or seven, or a single digit figure, people would say that today,
we have a peaceful day because the toll is in single digit. That was the Pakistan of 2013. What we also found was
that many of these problems had happened because country
had treaded for last 14 years without any sense of direction. We did not have any strategic plan, or a roadmap, or a vision
where we wanted to go. After 9/11, General Musharraf
regime became beneficiary of very liberal inflows. In five years, almost $90 billion
inflow came into Pakistan, but that all was consumed to create an artificial prosperity from motorcar, to motorcycle, to grocery, everything was available on leasing. There was an artificial consumer economy, or a service economy that was created, and as a result, when this bubble bursted, we were in deep crisis. We found economy to be stuck in last years before coming into government, to be stagnant in three to
three and a half percent range. Some economists had coined
the term of Urdu growth rate for Pakistan’s slow
growth, just as in ’90s, economists had coined
Hindu growth rate term for India’s slow growth rate. That was economy. Energy, as I said, was
bad, terrorism was bad, and therefore, we came in
government on three slogans, E-E-E, energy, economy, and
elimination of extremism. In 2014, we initiated Vision 2025 exercise to work with opinion leaders and chalk out a roadmap for Pakistan. Where should Pakistan be headed? One very important
outcome of that exercise was that Pakistan has a unique advantage in shape of its location, and we have been leveraging that advantage. In our previous history, in
the orbit of geopolitics, we must change the journey from orbit of geopolitics to geoeconomics as we find that Asia is now emerging
as the next growth center in world economy with Asia investors to account for about 52%
of the global GDP by 2050. There are three powerful engines of growth in areas adjoining Pakistan, South Asia, China, and Central Asia. Pakistan happens to be located at the intersection of these
three engines of growth. If we can create north-south and east-west connectivity corridors, Pakistan can integrate these
three engines of growth into one large economic regional block with three billion population. That is the future where
Pakistan should aspire to make itself a hub of
trade, commerce, and business for this big economic
region or economic block that can be developed with
improved regional connectivity. This was part of our Vision 2025. China had its One Belt One Road Initiative where it was also seeking to construct regional connectivity corridors to create a future of shared destiny. In 2013, an MoU was signed
between two countries, and I had the honor of
signing this document from Pakistani side in presence
of the two prime ministers. Fifth of July, 2013,
China-Pakistan Economic Corridor was a piece of paper which we signed as a document of intent that two countries must chalk out plans and work together to create this vision,
to translate this vision of China-Pakistan Economic
Corridor into reality. I must say that, because
there was strong ownership and strong political will on both sides, within one year, we were
able to translate this MoU into an understanding of a portfolio of about $46 billion, of which $35 billion were allocated for
energy sector investment, and $11 billion for
infrastructure investments in Pakistan from China. This was supposed to be
launched in September 2014 with President Xi’s visit to Pakistan. Unfortunately, at that time, due to certain domestic
political events in our country, the visit of president
of China got postponed. Subsequently, he came in April 2015, and China-Pakistan Economic Corridor was officially launched,
and MoUs were signed. After two years of that launch, I’m very happy to say that, out of that $46 billion commitment, we have been able to energize so far $27 billion of investment
in different projects which are either now on ground, or for which financing
agreements have been signed and are about to hit
the ground very shortly. Now, this is, again, a unique opportunity and unique success in our history, and also in the modern history in the context of regional
cooperation initiatives. CPEC has become the
biggest flagship project of One Belt One Road, and
outside One Belt One Road, I think, is even the biggest
regional connectivity project that is happening anywhere with such big portfolio of projects. Under CPEC, we have identified four areas on which CPEC is focusing. The first area is
development of Gwadar Port as a future smart port of the region which will become a
center of maritime trade and trans-shipment in this region. Gwadar has a unique opportunity. It is a deep sea port. It has shortest distance to China, and it also is closest to landlocked Central Asian republics, and is also located very strategically at the mouth of Strait of
Hormuz or the Persian Gulf from where, due to the very narrow width of Persian Gulf, big ships take
lot of time to turn around. The maritime trade feels that, if there is a trans-shipment port outside of Strait of Hormuz,
big ships can offload cargo, and small ships can take
cargo inside the Gulf. That will bring more efficiency, and reduce costs of logistics. Besides this trans-shipment Gwadar Port also is emphasis to provide an outlet to the new economic zones that are likely to emerge in west China, particularly the Kashgar economic zone which will be ready in
next five to 10 years. Similarly, Mongolia
sees Gwadar as the port which it can use, and all
Central Asian republics feel very excited for Gwadar to be a port that can serve them. The first factor, the first point of CPEC development model is developing Gwadar as a modern port city that will help integrate the region. Gwadar will not compete with Bandar Abbas or Dubai Port, or any other port. The vision we perceive
for Gwadar is that it will complement the existing
infrastructure in this region. We believe that there
are so much we can gain by collaboration that the pie can expand. If the pie can expand, we will all gain from that collaboration. It is not either Gwadar or the other port. We think that there is a gain to be made by making collaboration the platform for all the regional infrastructure to complement each other. Gwadar is not a security port. It is purely an economic
and commercial port. The second aspect of CPEC is energy because we were facing
acute energy shortage, and primarily because, for 14 years, after 2000 until 2013,
no worthwhile investment was made in energy sector. In 1999, we were energy surplus. At, actually, that point,
India was negotiating with Pakistan to purchase
some surplus electricity that Pakistan had, but beyond ’99, the regimes overlooked that
our demand was growing, our population was growing, that, if we have surplus energy today, if we will not add new energy, one day, we will run into deficit. When we did Vision 2010 in ’98, we had projected that, beyond 2004, country will run in
deficit, so we will need to augment our energy base. Unfortunately, successive
regimes after that ignored investment in energy sector, so we were running a big deficit of six to 7,000 megawatts by 2013. We focused then on energy as a major building block of CPEC
in the first phase because, in a modern economy, energy
is like oxygen for human life. If you don’t have energy, you
cannot build modern economy. $35 billion out of the
$46 billion investment that was earmarked were
devoted for energy sector. These energy projects are all in IPP mode. Government of Pakistan is not borrowing a single dollar for any energy project. They’re all coming as private investment. The other important attribute of this energy investment is, in the past, no one had managed investments in energy in a portfolio context. First, we were heavily
dependent on hydro energy. 70% of our power was
generated through hydro. If you are exposed to
one source that heavily, one disturbance, or one
disruption in that source can actually disrupt the entire
power supply in the country because, if you have
two years in succession which are dry, which is a dry spell, and there are not rains taking place to fill your dams, you
can have serious problem if you are overly exposed to just hydro. Then, in 1994, when
PPP government launched new energy policy, they went too far on oil-based power generation. From 70% hydro, our exposure became 70% to oil-based power generation. The result was that, when the oil prices went up to $100, or $80, or $90, it became unaffordable for us to run all those power plants. While we were facing power shortages, we were unable to run
all those power plants because they required very
heavy foreign exchange for import of oil, so we were unable to benefit from that
energy generation capacity that was oil-based. We also sought, through this investment, to diversify power generation, and to optimize our own
indigenous resources, which are hydro, renewables, and coal. Pakistan has about 400
years worth of coal deposit in Thar area, in Thar
Desert in Sindh where, if we generate 5,000 megawatts of energy, that is good for next 400 years. In 70 years, nobody ever thought or tried to seriously exploit
this indigenous resource which Pakistan was blessed in shape of black gold, I would say. One of the principal areas
where we focused in energy was to tap into this local coal resource in Thar area in Sindh province so that we can have our own
cheap energy for future, and also, we can diversify
our power generation. Mind you, Pakistan already produces less than one percent
of its power from coal, unlike India, United States,
and many other countries which use 40 to 60% of
their coal-based power as part of the total generation, 40 to 60% is based on coal. We already had zero footprint in terms of our coal resources. We tried to then focus on this, and today, I’m happy to say that there are two coal mining projects on which work is proceeding very fast. They have dug almost more
than half of the mine, and we are expecting that, by 2019, power generation will start
from Thar-based coal projects. Similarly, we have two
major hydro projects, Suki Kinari and Karot, which will generate about 1,700 megawatts
of energy through hydro. Then we have wind- and solar-based energy, 1,000 in solar and about
400 plus in wind energy, that will give us some know-how, and also technology in the future area of power generation that is renewables in which we had no significant
footprint in Pakistan. Energy is the priority area,
and as I shared with you, through this very strategic
and critical investment, we are diversifying the
sources of power generation, and ensuring that Pakistan is able to overcome energy shortage and also have some surplus for future. Let me also say that we have been very mindful that we should
not be polluting our area. In coal energy, we have opted for super critical technology
which is considered globally very safe technology for dealing with coal-based power generation. The third element of CPEC
relates to infrastructure. That includes construction of roads, improving road connectivity with China through different areas of Pakistan. There is one road which
goes in the west of Pakistan connecting Balochistan, Khyber Pakhtunkhwa with Karakoram highway. There is one alignment that will pass through the eastern side of the country which has bulk of the population in Sindh, and Punjab, and then connect
to Khyber Pakhtunkhwa. In future, we will also
have a central alignment which will run in the
middle of the western and the eastern routes. The idea, again, is
that we do not envisage a container-based economy through China-Pakistan Economic Corridor where, through Gwadar, there
should be container shipments going to China, and container shipments coming to Gwadar from China. What we envisage, that
Pakistan should become a processing hub where there should be supplies going to different markets, to different industrial centers where valuation takes place. From there, we are able to
export items to outside world, and similarly, also import raw material, process it in Pakistan,
and export to China. Therefore, it is important to have links from Gwadar port to different
parts of the country. This will not only create
a platform for CPEC, but also, it will connect
the country from within. Our government has special
focus on connectivity because our experience tells us that connectivity is the first
step of development, and is the first step of
inclusive development because, unless you will connect remote areas with the developed markets
or the developed areas, they will always remain isolated, and they will always be marginalized. It is only through connectivity that you can ensure people’s participation in development process, you
can take benefits to them, you can take education to them, you can take healthcare to them, you can take better
business opportunities. Besides CPEC, we are
also heavily investing from our own public
sector development plan on construction of networks of roads all over the country which,
in next two to three years, will provide us a great amount of connectivity within Pakistan. Within infrastructure,
the other major investment that we are making is in
the rail transport area. Unfortunately, again,
here, in last 20 years, railway transportation was neglected. As a result, the
infrastructure was depleting, and our speed of trains had decreased from 100 kilometers to 60 to 80 kilometers on most of the sections, thereby reducing the speed of the train,
causing more delays, and also making economy
less competitive because, if you have a late movement
of goods which are delayed, that adds to the cost of transportation and production equation, so that makes the country less competitive
compared to other economies. We are, in the first phase,
focusing on modernization of Karachi to Peshawar
main line railway track, which carries 80% of the passenger and cargo traffic in Pakistan. This will be a four-year project, about $8 billion investment, and with this, we hope
that the speed will double from 80 kilometers to
160 kilometers per hour. That will mean that the distance from Peshawar to Karachi
will be cut by 50%. The fourth very interesting
and challenging area is that the purpose of CPEC is not to construct infrastructure in Pakistan. The infrastructure is means. The focus and goal of CPEC is to, one, industrialize Pakistan’s economy, and two, to make Pakistan an
attractive hub for the region, for business and trade. In this context, we are again trying to align ourselves with
the great opportunity that exists for us. Every economy that grows
follows a certain path. Initially, it enters
low labor cost industry, or labor-intensive industries where they develop their competitive advantage. As that economy grows, and develops, and goes higher on the development ladder, the wages also increase in that country. At that point, that economy begins to relocate labor-intensive
and light sectors of industries to other countries where
the production cost is less. This happened with Britain, this happened with United States, this happened with Germany, this happened with Japan,
this happened with Korea, this happened with China. They all benefited from this process. Now China’s per capita income, which was about $200 in 1980, and by the way, our per
capita income 1980 was $300, now China has gone beyond
$8,000 per capita income. You can imagine, from
200, where they developed certain competitive advantage
in certain industries, it is at $8,000 per capita income. Their wages have increased considerably in many sectors, and that is becoming more and more difficult
for them to compete. Now, they are in the process
of relocating those industries to other countries where
cost of production is less. It is estimated that there will be about 85 million jobs
which will be relocated from China to other countries which have low cost of production, and we are already seeing that happen, you know. Many industries have gone to Vietnam. Many industries have gone to Laos. Many industries have gone to Cambodia. Many industries are going to Ethiopia. They are going to different African and Asian countries where
cost of production is less. Now, under CPEC, the fourth phase is that, with this infrastructure
and energy in place, beyond 2020, we are hoping to establish about nine industrial zones in Pakistan which will be equally
created in all the provinces so that every province can benefit, and they will be based on
the competitive advantage of that particular province. We are now trying to
work with Chinese side to attract relevant Chinese industries to relocate their operations
in these economic zones so that, through this investment, we can give a kickstart to
industrialization process in Pakistan that will mean
more jobs will be created, and with Chinese investment and technology coming in Pakistan,
that will raise the bar, and also the benchmark. That will also drive our local businesses to strive for more competitiveness for their products and
in their own operations. This is not to hurt them, but this is to create a
good, healthy environment of competition and also collaboration where Pakistani businesses
will seek joint ventures with Chinese counterparts to set up these industrial units
in the economic zones. We hope that this will be an
important part of this CPEC, and it will culminate with giving impetus to industrialization of Pakistan so that we can graduate from
low-value agriculture economy to higher-value industrial economy. These are the major hallmarks, or major factors that are included in China-Pakistan Economic Corridor. With this investment, as I said, we are hoping that we will also be able to integrate this with
our other initiatives, like Central Asia Region
Economic Cooperation, CAREC network, which
is funded by World Bank and Asian Development Bank. We are also investing and focusing on construction of two
corridors through CAREC. One is in the north of Pakistan through Peshawar to Kabul, and Kabul to Tajikistan. The other one is south of Pakistan through Gwadar to Herat,
Herat to Turkmenistan. We hope that, in next five to 10 years, when the two corridors are completed, Pakistan will be well positioned to serve that region,
and also be a major hub. As far as the eastern side is concerned, we equally look towards South Asia. Pakistan has always sought normalization of relations with India
so that our region, which is least regionally
integrated region in the world, also can benefit from
regional cooperation. Unfortunately, Indian
government refuses to talk, and also sees CPEC as
some kind of a conspiracy, although we do try to convince them that this is not a conspiracy. Rather, this is a
partnership-based initiative for the entire region to work, to come together, and try to collaborate so that we can create more opportunities for our future generations. South Asia, unfortunately, which has world’s highest uns, U-Ns, you know, uneducated, unhealthy, unemployed, and all the uns you can think, live in South Asia, so we
have a big responsibility to create an environment based on peace and mutual respect so that we can all focus not on fighting wars, but fighting poverty,
and fighting unemployment that is a big risk for our region. Somehow, they have
knee-jerk reaction to CPEC, but I am beginning to see that the serious analysts in
India are now beginning to question the position
of the government, why government of India
has negative view of CPEC, and they should reassess
their response to CPEC, and try to engage with Pakistan so that it can also become part
of the opportunities that will arise out of CPEC. ‘Til such time they
will make up their mind, we are nevertheless
committed to moving forward with other partner
countries who are committed to this shared vision of
prosperity in our region. I always tell my Indian friends, you know, the problem is that you do not have heart as big as your size. Only if you have half the size of your geography of your heart, South Asia would be a
very different place. I hope that, in future,
we can all work together, and create opportunities for everyone, and Pakistan, I think, is now well poised with the three dimensions
I shared with you, energy, economy, and extremism. In last four years, we have
been able to turn the tide. Just you must have read in the news, also, that a few days ago, World Bank reported that Pakistan has achieved
the highest growth rate in last 10 years, which is 5.3%. This year, we are hoping to
come close to six percent. In last four years, every year, we have achieved a higher growth rate. We are now on path of economic growth. We have been able to defeat
considerably extremism and improve the security situation. Eight years ago, a terrible
incident took place in Pakistan with a attack on Sri Lankan cricket team. Since then, no sporting
team would even venture to think of coming to Pakistan. In 2017, we have seen
number of sporting events with international teams and
players coming to Pakistan, which is a sign of
Pakistan’s security situation becoming normal again. We have paid a heavy price. Military, police, security agencies, and people of Pakistan
have worked together now. Terrorism is down by 90%, and Karachi is secure. Rest of the country is secure. Shadows of peace are becoming longer. Similarly, we have added
10,000 megawatts of new power which will be ready by June of 2018, in four years, compared to
16,000 megawatts in 66 years. I repeat, in 66 years, we
had 16,000 megawatt capacity, but in four years, we would be adding 10,000 megawatts of power, which is, again,
unprecedented in our history and very ambitious from other
countries’ point of view also, that we have been able to accomplish. Economy is reviving,
energy is getting better, extremism is being defeated,
CPEC is a promising start, so we certainly are very now excited, and we are talking to other countries, including GCC countries, other
Middle Eastern countries, and African countries who are also wanting to be part of the new
emerging global supply chains, or the regional supply chains
that will emerge with CPEC. We hope that CPEC will create a platform to bring people together, and bring peace and stability to a region that has paid a heavy price for conflict. Thank you very much. (audience claps)

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