SFC Markets and Finance | Saleem Mandviwalla: CPEC 2.0 Accelerates with Focus on Industrial Growth

21世纪经济报道记者郑青亭、实习生穆荣萱 北京报道

In a recent interview with SFC Markets and Finance, Senator Saleem Mandviwalla, Chairman of Pakistan's Senate Standing Committee on Finance and Revenue, delved into the enduring and multifaceted relationship between Pakistan and China. Mandviwalla emphasized that this partnership is central to Pakistan's foreign policy, describing China as an "all-weather friend" whose support remains steadfast despite global challenges.

Reflecting on the progress of the China-Pakistan Economic Corridor (CPEC), Mandviwalla acknowledged the achievements thus far, such as the development of Gwadar Port and the establishment of a direct road link between Kashgar and the Pakistan border. He emphasized the need to accelerate economic integration and connectivity, extending beyond Pakistan to Iran, Turkey, and Europe.

Looking ahead, Mandviwalla expressed optimism about the next phase of CPEC, focusing on industrial collaboration. He stated, "Mainly, it's production industries, producing goods for China, to send to China, producing goods with Chinese companies in Pakistan and exporting to the world."

Mandviwalla also underscored the importance of agricultural collaboration, noting that a significant portion of Pakistan's population is engaged in agriculture. He advocated for joint efforts to enhance agricultural practices and invited Chinese expertise to contribute to improvements in Pakistan's agricultural sector.

Addressing the challenges posed by recent U.S. tariff policies, Mandviwalla acknowledged the potential impact on Pakistan's export sector. He emphasized that Pakistan is actively engaging in negotiations with the United States to address these tariff concerns, aiming to find a resolution that would prevent the implementation of these tariffs.

A Strategic Partnership Flourishing Through the Years

SFC Markets and Finance: How would you assess the current state of the China–Pakistan “all‑weather strategic cooperative partnership”? In today’s geopolitical landscape, what does this relationship mean for Pakistan? 

Mandviwalla：I think it is the most important relationship in all the relationship Pakistan has. And the reason is because this is a relationship which has never ever defaulted in any way in this friendship. We might have, but China has never with Pakistan. So China is what we called all-weather friend with Pakistan. And I feel internationally, regionally and even as neighbors, I think this relationship is there forever. 

We are actually very proud of this relationship. We mention about this relationship to other countries. Whenever I go to the United States, I meet the congressman or the senators. They only ask me one question, how is your relationship with China? Countries cherish this relationship, countries worry about this relationship, countries are concerned about this relationship, because they see that this relationship for so many years has only grown, has not gone back. We are we feel proud of this relationship.

SFC Markets and Finance: When you were asked about this relationship in the United States, your answer was？

Mandviwalla：My answer was the same as it is with you. Americans know that Pakistan's relationship with China is the relationship which nobody can break and it is there to stay. Again, faced with all this challenge, we stand with China. Our stance is that this tariff war, which is going on, should end. It is not in the interest of anyone. So we are trying our best to have this issue resolved.

SFC Markets and Finance: There are reports that Pakistan’s President may soon visit China. What special significance will this upcoming visit hold, and what new opportunities and breakthroughs do you expect it to bring to China–Pakistan relations?

Mandviwalla：During his state visit to China from February 4 to 8, 2025, President Asif Ali Zardari emphasized the enduring strength of the Pakistan-China relationship and his commitment to further enhancing bilateral ties. Reflecting on his previous tenure, during which he visited China nine times over four years, President Zardari expressed his intention to maintain a similar frequency of engagement in his current term. He aims to address and overcome challenges hindering economic collaboration between the two nations.

A central focus of President Zardari's discussions was the advancement of the China-Pakistan Economic Corridor (CPEC), initiated in 2013. He underscored the importance of revitalizing the momentum of development projects, particularly in Gwadar, to ensure they proceed at an accelerated pace. The President envisions CPEC evolving into a pivotal link connecting China to Europe and neighboring regions, aligning with the broader objectives of the Belt and Road Initiative.

CPEC 2.0 Accelerates with Emphasis on Industrial Growth

SFC Markets and Finance: How would you evaluate the progress made so far in building the China–Pakistan Economic Corridor?

Mandviwalla: Like everyone says, China was not built in a day. CPEC also is the same thing. Now you have countries involved. It has many issues that you need to address in the CPEC. I feel that with what we have achieved maybe we are not happy. We could have achieved much more. I personally feel that despite this, what we have achieved was unthinkable at one time, handing over Gwadar port to China was unthinkable for China, also for Pakistan. Also, having the all-weather road to travel from Kashgar to Pakistan border was unthinkable, but it happens now. You can reach China within 6 hours. You sit in a bus and you are in Kashgar in 6 hours. All this was unthinkable at one time, but it has happened. 

Now we need to move ahead. We need to have more economic integration. We need to have connectivity between China and Pakistan and then onwards. This connectivity is not limited to Pakistan. It goes to Iran. It goes to turkey from there. It goes to Europe. And the whole works.

SFC Markets and Finance: Although CPEC is not built in one day, have you observed any tangible results of this project on Pakistan's economy and people's livelihoods?

Mandviwalla: The livelihood was the last part of CPEC. The first part was Gwadar port, Gwadar airport, the connectivity from Gwadar port to the border of China. The infrastructure part was the first part, because until you have the infrastructure in place, the facility in place, it's very difficult to bring economic growth. It's very difficult to bring industrial productivity. Now, we have reached that stage where we want this economic growth to start.

SFC Markets and Finance: China and Pakistan are now advancing an “upgraded” version of the Economic Corridor. What are your expectations for this next phase, and which areas of cooperation will it emphasize?

Mandviwalla: Mainly, it's production industries, producing goods for China, to send to China, producing goods with Chinese companies in Pakistan and exporting to the world. So this is now the economic integration that I am talking about, which is part of CPEC. The third phase need to be implemented now.

SFC Markets and Finance: How do you view the prospects for China–Pakistan collaboration in biotechnology and agricultural technology? What significance do you see in the cooperation projects signed today?

Mandviwalla: I think it is one of the most important things, because 43% of Pakistan's women and men are involved in agriculture. Recognizing the sector's importance, I emphasized to Mr. Tian, the president of the company, the need for collaborative efforts to enhance our agricultural practices. I invited him to conduct a comprehensive study of Pakistan's agricultural landscape to identify areas where his company's expertise could contribute to improvements. 

The BRI: The Region's Most Influential Development Strategy

SFC Markets and Finance: At a time when globalization faces headwinds, how do you interpret the importance of China’s Belt and Road Initiative? 

Mandviwalla: Very important. I think it is the most important development strategy in the region. It stands to benefit numerous countries across Central Asia—including Tajikistan, Uzbekistan, and Turkmenistan—as well as Iran and Türkiye, by enhancing trade routes and infrastructure.

Pakistan plays a pivotal role in this initiative, particularly through the China-Pakistan Economic Corridor (CPEC). Pakistan is, you can say, a leader with China in implementing the BRI.

SFC Markets and Finance: This year is designated “China Year” for the Shanghai Cooperation Organization (SCO). As a key member, what are Pakistan’s hopes for this year’s summit, and what potential does the organization have to advance regional economic cooperation?

Mandviwalla: The SCO was established to foster regional integration, enhance economic collaboration, and strengthen political and security ties among its member states. Similarly, BRICS was formed to foster economic integration among emerging economies. Both mechanisms aim to fortify their respective blocs, enabling member countries to prosper collectively through collaboration.

The SCO, in particular, plays a crucial role in removing infrastructural bottlenecks, facilitating joint decision-making on development projects, and implementing collaborative initiatives. Through such cooperation, member states can harness their collective potential to achieve shared prosperity and stability.

For instance, Russia contributes vast natural resources, Pakistan offers a substantial and youthful workforce, and China provides a robust economic base. By working together, these nations aim to create a more integrated and resilient bloc capable of addressing regional and global challenges effectively.

SFC Markets and Finance: The Trump administration has recently implemented reciprocal tariffs against several countries. What potential impact could this policy have on Pakistan’s export sector and its broader economy?

Mandviwalla: Pakistan currently maintains a trade surplus of approximately $3 billion with the United States, making the U.S. its second-largest trading partner after the European Union. In contrast, while China is Pakistan's largest overall trading partner, the trade balance with China is in deficit. 

With the imposition of new tariff restrictions, Pakistan may face difficulties exporting to the United States, as these measures could advantage other countries producing similar goods, potentially displacing Pakistani products.

In response, Pakistan is actively engaging in negotiations with the United States to address these tariff concerns, aiming to find a resolution that would prevent the implementation of these tariffs. I believe this matter will be resolved promptly; it's just a matter of time.

SFC Markets and Finance: That’s it. Do you have anything to add?

Mandviwalla: I'm glad to be in China. It's always a pleasure to visit, and I hope our friendship continues to grow stronger, enabling us to achieve greater success together on the global stage. I wish China all the very best.

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