Ayesha Saba

The China- Pakistan Economic Corridor (CPEC) is a multidimensional project under the umbrella of BRI, which is leading the process for sustainable development in Pakistan by establishing connectivity between the rural and urban areas, attracting international investors, and promoting industrial development. Dr. Talat Shabbir, Director of China Pakistan Study Centre at the Institute of Strategic Studies, Islamabad, expressed these views while talking to WealthPK.

“CPEC has now entered its second phase. It has the potential to stimulate economic growth in Pakistan through development of infrastructure, energy projects, and industrial zones. Many policymakers and regional experts have already termed it a game-changer for Pakistan and the region,” he said.“Pakistan offers a vital route of transportation to both China and Central Asia. CPEC is built on a massive infrastructure platform to ensure regional connectivity.  A reasonable and affordable mode of transportation for commodities connecting the Arabian Gulf, Central Asia, and China is provided by Pakistan's newly constructed and updated motorway network”.

“Chinese investment under CPEC is mainly focused on infrastructure. The largest part of investments went into building power generation plants, railway tracks, and highway infrastructure. CPEC's western alignment was also the focus of new infrastructure projects, which connected Pakistan's most underdeveloped regions with Gwadar and major urban centres,” he added.

“More importantly, development of Special Economic Zones (SEZs) will enable industries to smoothen supply chains, enhance collaboration and innovation capabilities, and help reap significant economies of scale.’’ “Our economy is changing fast because of rapid globalization. The development of a road network and its expansion has boosted domestic economic expansion. Moreover, an enabling environment for the private sector, which then assumes the lead in the growth process, is created by provision of basic and effective infrastructure in transportation, communications, and utilities such as electricity. This offers an unprecedented opportunity for business sectors to export more goods and services and create high-quality jobs.”

“Taking this into account, the government is creating SEZs and promoting the relocation of Chinese enterprises to Pakistan, not only benefiting the home market but also promoting exports to other nations,’’ he said. “Pakistan has a promising and bright future. In order to bring about peace and prosperity in the country, the present government will focus on these projects and continue to develop and benefit from them. CPEC has become an initiative for sustainable development in Pakistan,” he said.

Credit: Independent News Pakistan-WealthPk