Arooj Zulfiqar

The multidimensional CPEC project is leading the development process in Pakistan, connecting the rural and urban areas, attracting international investors, and promoting industrial development, said an official from the CPEC Authority while talking to WealthPK on the condition of anonymity. "Pakistan and China have always maintained the closest and strongest friendship, which is not only dependent on security matters but also reflects the increasingly close economic cooperation," he said.

"Spanning various sectors, the CPEC primarily focuses on infrastructure development. The construction of modern roads, bridges, railways, and power plants will create an enabling environment for trade, investment, and industrialization. "Moreover, infrastructure development creates a ripple effect by generating demand for raw materials, labor, and other supporting industries, leading to a multiplier effect on economic growth," he said.

"To ensure infrastructure development, it is crucial to prioritize effective governance and transparency. Planning, execution, and monitoring of projects should adhere to international standards, ensuring that the funding is utilized efficiently and effectively." "Additionally, inclusive policies should be adopted to ensure that the CPEC benefits are widely distributed and reach all segments of the society. This entails focusing on skill development, job creation, and poverty reduction, which will not only enhance social welfare but also contribute to long-term economic stability," said the CPEC Authority official.

According to WealthPk research, CPEC offers Pakistan a unique opportunity to integrate with the regional markets. Remarkable progress has been made so far in the transport infrastructure sector. On the Eastern Alignment (road projects located in Sindh and Punjab), the groundbreaking of Sukkar-Hyderabad (M-6) section of the motorway was done in December 2022, while on the Western Alignment (projects located in Northwestern Punjab, KP, and Balochistan), the groundbreaking ceremony for the DI Khan-Sagu section of the N50 was also held in the same period.

Moreover, work on the construction of the 298km Zhob-Kuchlak road is in progress. Also, other projects such as Khuzdar-Basima (110 km), Nokundi-Mashkhel (103km), and Hoshab-Awaran M8 (146km) are under implementation and are expected to be finished on time. Furthermore, Sagu-Zhob Project (N-50) is under discussion with the Chinese side and is expected to be started soon.

The concessional financing agreement for the landmark ML-1 project is expected to be finalized soon, and arrangements will be made for the project's groundbreaking. Additionally, a framework agreement for Karachi Circular Railway (KCR) has also been shared with the Chinese to get the project going under the CPEC.

Credit: Independent News Pakistan-WealthPk