This article will highlight the significance of China Pakistan Economic Corridor (CPEC) and its impact on the countries who are part of it and its positive impact throughout the world. CPEC is abbreviation of China Pakistan Economic Corridor.
Mainly, it is the bundle of infrastructure projects that are under construction in Pakistan. It comprises of special economic zone, energy production and mass transit. As the name indicates, the countries involved in it are China and Pakistan however, other countries are willing to participate in this worthwhile corridor. In Pakistan, KPK, Gilgit Baltistan, Punjab and Sindh are part of CPEC while from China, the Xinjiang province is the major connection. China Pakistan Economic Corridor was established on 22nd May 2013 (7 years ago). The budget of CPEC is supported by different banks of China like China Development Bank, Asian Infrastructure Investment Bank, Silk Road Fund, Exim Bank of China, Industrial and Commercial Bank of China. In CPEC, a large number of highways and railways are under construction connecting Xinjiang of Gwadar port. A motorway has also been developed which passes through Punjab Province and connects the Balochistan and KPK province thus making it a suitable route to connect majority of Pakistan's districts.
According to official statistics, 20% of CPEC is debt based finance while 80% of CPEC are investment in joint venture between China and Pakistan. CPEC will contribute to 40,000 jobs for local Pakistani and 80,000 job for Chinese. The economist analyst said that there are tangible benefits of CPEC including an eradication to the major energy deficiency in Pakistan which has previously destroyed the economic growth of Pakistan.
This project is a future landmark to connect the China as emerging economy to the world thus providing lot of trade opportunities for developing countries. Some projects are now operational like energy projects and the projects including special economic zone are still under construction. It is expected that CPEC will be completed in forthcoming years.
You must be logged in to post a comment.