ISLAMABAD - Former finance minister Dr Salman Shah on Tuesday said that government would have to improve the governance and to eliminate corruption to make China Pakistan Economic Corridor (CPEC) a success that can increase Pakistan's GDP up to $1000 billion by 2025.

He said that Pakistan's military and judiciary are focusing on improving governance system in the country, which would improve the performance of the institutions.

"Pakistani establishment and political parties realized and have consensus on economic growth importance as in case of failure there will be demographic and security challenges", he said while addressing the 10th anniversary of Swiss business council of Pakistan organized by Embassy of Switzerland in Islamabad. The event was attended by large numbers of ambassadors of different countries.

He termed the CPEC as a game changer for the Pakistan. He explained the possible targets under CPEC by 2025, which include that the GDP can increase to $700 to $1000 billion from current level of $300 billion by 2025. External balanced trade can increase to $700 billion per year from currently $70 billion, 70 percent with China. Foreign Direct Investment (FDI) can enhance to $50 billion per year with 50 percent from China through CPEC projects. Around 500 top Chinese multinationals would have established base in Pakistan in textile, automobiles, computers, electronics and petro-chemicals. Similarly, 25 million new jobs would have been created. There would be 100 flights a day between Chinese and Pakistani cities. Meanwhile, 25 million Pakistanis and Chinese would visit each other country every year.

Shah said that to turn CPEC into an engine of growth and prosperity, the government of Pakistan in collaboration with the private sector has to create a superb transport and logistics system to underpin CPEC. This will require a comprehensive transport and logistics strategy built around the private sector (local and foreign) and a five years plan along the institutional structure to build the sector.

"It must establish the National Integrated Logistics and Transportation Authority (NILTA) and empower it to develop the strategy and five year plan and ensue it implementation," he added.

Former minister said that China can be a big source of investment capital, technology and knowhow for development Pakistan's economic potential, a huge market for exports that can generate growth of 8 to 10 percent per year, boosting exports and economic prosperity over the next 30 years. This would require pursuing a national agenda for gaining access into the Chinese domestic markets and benefiting from economic integration with China with the aim of rapid development of Pakistan. Economic networking with China would need a custom union on the line of Turkey-EU or a FTA on the lines of Mexico-USA NAFTA.

Shah said that youth population, urbanization and location of Pakistan are the turning points for the country. Nearly 25 million people will be added to working age population every decode meaning 2.5 million jobs every year. If this participation rate follows SEA trajectory then nearly 4.24 million jobs will required to be created every year. This means pro-job growth is promoted. A last growing economy usually requires a growing Working Age Population (WAP). WAP of the China's and Russia's fall sharply. The vast bulk of WAP will come from sub-Saharan Africa, India and a few other Asian counties including Pakistan.

He said that if the current urbanization trends continue, then Pakistan's urban population will be around 70% in line with urbanization of Middle Income Countries.

Earlier, Farhat Ali President Swiss business council of Pakistan said that council was established in 2008. The council is working on improving the perception of Pakistan, social and culture development and to development business activities between two countries.