China Pakistan Economic Corridor also was known as CPEC has been making waves since it started. The CPEC is a multi-route corridor that will be completed in multiple phases over a period of 15 years, at a cost of 46 billion dollars. It is intended to rapidly expand and upgrade Pakistani infrastructure as well as deepen and broaden economic links between Pakistan and China. Is CPEC really beneficial for our country’s development? We will take a look at CPEC, benefits to Pakistan in the future.
CPEC benefits to Pakistan in the future
Pakistan has significantly improved its image worldwide since the PML-N came into power after general elections of 2013 by taking significant decisions and has improved the image of the country across the world.
The multi-faceted 46 billion dollar agreements on infrastructure, energy, social-economic development with China under CPEC, counts as one of the biggest achievements.
The guiding principles of the CPEC are scientific research and planning, step by step approach, consensus, mutual win-win, and market operation. Exact data of investment and equity are not possible to state at this time in point as a dozen of projects sought financial close and much more are in the pipeline and this process will continue.
Following CPEC, the other countries and donor agencies/monetary institutions are now preferring Pakistan than any other countries of South Asia for investment and the country has emerged as the first choice for them.
Political stability; strong economic policy and peace are necessary for the development of any country and a huge investment of China in Pakistan means that the image of Pakistan has improved considerably.
With the implementation of projects under CPEC, more and more job opportunities are being created, not just laborers, but also for talented professionals. China-Pakistan Economic Corridor (CPEC) has brought brilliant education opportunities for Pakistani youth.
The Gwadar smart city has a number projects ranging from primary school to an international airport and industrial zone that would change the fate of Baluchistan as multiple passages will be built to well connect this vast province. Gwadar projects will also solve its water issue by installing desalination plants as well as sewage plants.
Besides Baluchistan and building highway all over the country from Peshawar to Karachi, CPEC is a game-changer for Gilgit-Baltistan. The Karakorum Highway (KKH) is in the process of up-graduation. There are a number of railway projects linking Havalian to Kashgar. Most of them are underway.
CPEC is critically important for both countries. Pakistan needs it to overcome its economic, development, social and energy problems. China needs it to expand its periphery of influence, consolidate its global presence and securing future supply routes of energy and trade goods.