ISLAMABAD: According to economic analysts, Pakistan’s diverse industries are prepared to reap the full benefits of the China-Pakistan Economic Corridor (CPEC) project.
Many sectors will gain from the project, according to political economists. CPEC will feature energy projects, infrastructure development, industrialization, and the extension and modernization of Gwadar Port in Pakistan, in addition to the economic corridor. In both economic and regional terms, the initiative holds considerable promise for Pakistan.
They said that the goal of CPEC is both to transform Pakistan’s economy—by modernizing its road, rail, air, and energy transportation systems—and to connect the deep-sea Pakistani ports of Gwadar and Karachi to China’s Xinjiang province and beyond by overland routes.
Integrated Transport & IT systems, comprising Road, Rail, Port, Air, and Data Communication Channels, Energy Cooperation, Spatial Layout, Functional Zones, Industries, and Industrial Parks, and Agricultural Development are among the elements of CPEC, according to expert Nasreen Khalid.
Various studies, she noted, have shown the significance of the CPEC for Pakistan and its role in the country’s development. For Pakistan, the CPEC has a wide range of benefits. The rise in national GDP owing to transportation infrastructure is expected to be 6.43 percent.
Better transportation infrastructure, she added, will also help Pakistan enhance trade. It is predicted that if Pakistan adopts reforms and improves transportation infrastructure as part of the CPEC, commerce will expand by 9.8%. Given the current state of commerce, that would be a significant contribution.
According to another analyst, Usman Naeem, the Gwadar Port has already been operationalized and is providing benefits to Baloch people. The port has brought multiple benefits to the area and will transform Gwadar into a regional connectivity hub.
He went on to say that transit trade through Gwadar will provide new livelihood prospects for locals and the state. It will also aid in the expansion of trade with Afghanistan, particularly along the Balochistan border.
Chinese enterprises, he added, are also helping to strengthen the local economy. For example, COPHC, the Gwadar Port’s executing agency, has created over 4000 jobs in Balochistan in the last five years. COPHC also makes a contribution to education. It has established a school in one of the country’s poorest places, he added.