CPEC infusing new life in the insurance industry of Pakistan

Considering business is set to rise under the purview of the China-Pakistan Economic Corridor (CPEC), it opens up new avenues of opportunity for companies involved in the insurance industry. The Pakistan Economic Watch (PEW) has stated that the industry should focus more on innovation and development to compete with international insurance firms, otherwise the local industry's progress can affected.
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Islamabad : The Pakistan Economy Watch (PEW) on Sunday said that China Pakistan Economic Corridor  (CPEC) is infusing new life in all the sectors of the insurance industry of the country.

This sector should be prepared to face challenges and opportunities resulting from one of the biggest developmental projects the world has ever seen, it said.

CPEC is to contribute to the unprecedented growth of the insurance industry as it is generating a lot of business activities, said Dr. Murtaza Mughal, President PEW.

The insurance industry needs to invest more in up gradation, human resource development, innovation and improved teamwork to properly benefit from the fruits of CPEC, he added.

Dr. Murtaza Mughal said that the insurance sector needs to introduce new products and further improve its working to match global standards otherwise local insurance industry will be ignored by multinationals.

He also stressed the need to create awareness among masses and the business community regarding the benefits of insurance to strengthen the economy.

He noted that CPEC would write a new chapter in the accounts of history by connecting different regions of the world while Pakistan enjoys a prominent position in this unprecedented project.

Benefitting from CPEC not only require competent and hardworking force to discharge responsibilities originating from this miracle but the insurance sector should also brace for the change, he demanded.

The government should also play its role in the promotion of insurance and general business atmosphere which could cater to the need of the countrymen and help compete with the other nations.

In the backdrop of the current situation, the insurance industry had assumed significant proportions and it must be able to solve the complex matters which will help its expansion.

Gwadar's progress paramount for CPEC

Gwadar is considered to be the hub of the China-Pakistan Economic Corridor (CPEC), whose progress is crucial to the development of CPEC. The Minister for Planning, Development and Reform, Makhdoom Khusro Bakhtiar, talked about the importance of Gwadar, while chairing a meeting for the formulation of Gwadar City Master Plan. The minister also was of the opinion that it is imperative that industrial zones are built to gain fruitful benefits from the project.

the development of Gwadar under China Pakistan Economic Corridor (CPEC) is among the top priorities of the government.

He expressed these views while chairing a meeting of the Steering Committee regarding Gwadar City Master Plan in Islamabad today.The representatives of Chinese company preparing Gwadar Master Plan gave a detailed briefing to the federal minister on the project.

The Minister stressed on the need for giving such incentives in Gwadar industrial zones that give maximum profit.https://amzn.to/2CCbfva