Significance of CPEC Project on Pakistan’s Economy
How would you comment on the CPEC project as a game-changer for the economy of the country?
Pakistan China Economic Corridor (CPEC) is a massive project of $62 billion investment underway in Pakistan. When CPEC was convinced, only $47 billion investment was planned but at last count, this figure has gone up from $47 to $62 billion investments as further projects were added along the way.
The CPEC aims to upgrade the Pakistan economy and its infrastructure by constructing several energy projects, modern transportation networks, and special economic zones. Under this project, a vast network of highways and railways are to be built.
The country hopes for the creation of over 2.5 million jobs between 2015 and 2030, and will also add 2 to 2.5 % points to annual economic rates.
Huge Significance on Economy
1-Infrastructure development through china investment
- Construction of Karakoram Highway and Peshawar to Karachi motorway have been upgraded
- 1,687 km long main Line-I railway track from Karachi to Peshawar
2-Beneficial in terms of trade with the rest of the world
- The vision 2025 aims at increasing exports to $150 billion and exports to GDP ratio to 16–19%.
- Vision aims at increasing the trade to GDP ratio from 30% to 60% in 2030.
3- Pakistan overcome its energy deficiency through CPEC projects
- Solved the serious electricity shortage and creating job opportunities.
- Power plants of CEPEC project are giving cheapest electricity
Reference: http://cpec.gov.pk/
The author is Electrical Engineer by profession and serving as a project engineer in the solar field in Pakistan. You can reach out at https://www.linkedin.com/in/engineerimranaslam/
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