ISLAMABAD  -  Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday said that having achieved the first phase of China Pakistan Economic Corridor (CPEC), Pakistan is now benefiting from its early harvest projects while remaining engaged with China to execute the next phase. “We have already achieved the CPEC’s first phase and we are benefiting from its early harvest projects. We are entering the second phase.

We do need more deliberations when it comes to the second phase,” he said in an interview with China Global Television Network (CGTN) during his visit to Davos to attend the World Economic Forum.

He said CPEC’s second phase required road and air connectivity around the industrialisation projects.

“Both the sides are engaged and we have developed a lot of connectivity - road, air and rest of connectivity corridor. We are benefiting from the ecosystem of doing trade with one another,” he remarked.

Asked how he articulated the Chinese economy, Prime Minister Kakar said, “I am always sanguine about it. There are 1.5 billion consumers and 1.5 billion producers... How can you divorce 1.5 billion people from 8 billion people? It has to remain connected.” He said being a huge mar­ket place, both China and the world were interested in each other. Questioned about his government’s priorities, the prime minister highlighted the eco­nomic revival, the transformation of technology and taxation reforms. He said Pakistan was on the mid­dle ground amidst the discourse between Global North and South, and other conflicts in the region.

Domestically, he said, the government needed to earn more and spend less. 

The prime minister said that Pakistan should re­main focused on taking the advantage of opportu­nities in the region, including the Belt and Road Initiative and the relocation of Chinese industry. 

He advocated the policy envisaging to encourage business and provide them electricity on competi­tive price to help the businesses produce compet­itive goods for export to the international market.

Prime Minister Kakar said the government was also focusing on the Special Economic Zones and formulating policies for the advantage of the the foreign direct investment.

He said divide between Global South and North needed to be bridged for mutual co-existence.

To a question, the prime minister said Paki­stan was heading towards general elections and wished well for the contestants with a hope that they would have a plan for economic revival in their respective agendas.

Meanwhile, the PM, while chairing a meeting to discuss the strategy to reduce circular debt of the energy sector, directed the Ministry of Energy to formulate an effective and durable strategy to do away with the circular debt of the energy sector. He said that all the stakeholders would have to put in collective efforts for reduction in the circular debt. He told the participants of the meeting that soon after coming to the power, the caretaker govern­ment took measures for economic revival and was taking all-out steps to reduce the circular debt.