China Pakistan Economic Corridor (CPEC) under the Belt and Road Initiative has attracted more than 25.4 billion US dollars in direct investment in Pakistan, According to the statistics, CPEC in the first decade of BRI has attracted total of 25.4 billion US dollars in direct investment. The investment have generated 155,000 direct job opportunities, 510 kilometers of expressways, 8,000 megawatts of electricity and 886 kilometers of core transmission grids to Pakistan, injecting strong momentum into Pakistan’s economic and social development, becoming a vivid symbol of China-Pakistan all-weather friendship.

Dr Hassan Daud Butt have commented on the development since the inception of CPEC that under China-Pakistan Economic Corridor numerous road networks have been established creating rural-urban synergy and the SEZs on these road links are finding new means to attract investments, especially in the post-COVID-19 scenario. The way globalization led by China has helped pull more than a billion people out of poverty, in Pakistan the CPEC initiative has created over 155,000 opportunities for employment, 6000 MW of electricity and over 510 KMs roads creating rural-urban synergy and regional connectivity, said Butt.

It has helped Pakistan develop its Blue Economy through Gwadar port and its connectivity with the hinterland through the western route and the rest of the world through the upcoming Gwadar airport which is being constructed with a Chinese grant of $230 million and will be completed in March this year. He said that the connectivity through optical fiber and through transmission lines is also helping Pakistan achieve the development targets for having an endogenous mechanism for sustainable economic growth.

The CPEC activities were initially focused on improvement in infrastructure and energy projects to help create favourable conditions for development, next phase critically is being crafted more towards agriculture sector development, socio-economic projects as well as forging an academic partnership for improved R&D collaboration. As a country in transition, confronted by a number of challenges, Pakistan is looking for further strengthening the economic ties between the two countries and looks for Chinese FDI and industrial support for a path of stability.

Overall, BRI and CPEC are important initiatives that Pakistan wants to leverage to address all challenges from human development challenges, to sustainability challenges. Industrial development is imperative for future employment opportunities and attracting Chinese investment in CPEC SEZs are a must.

Credit: Independent News Pakistan (INP) — Pak-China