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Essay on Impact of CPEC on Pakistan Economy

Essay on Impact of CPEC on Pakistan Economy - 200 Words

Pakistan has agreed to be a part of China’s ambitious One Belt, One Road initiative. The two countries have already signed $46 billion in economic investments, making the country an economic alliance for years to come.

Plans for the China-Pakistan Economic Corridor (CPEC), a development corridor connecting Gwadar, in Pakistan’s Balochistan Province, to Kashgar, in Xinjiang Province, continue to be implemented.

Connecting Peshawar and Karachi, the New Western Highway is an ongoing project that will make traveling throughout Pakistan more efficient. These roads are to be constructed to help achieve the China-Pakistan Economic Corridor (CPEC), which was designed to benefit both regions regarding transportation, trade, and economic opportunities.

China has proposed a plan to strengthen China’s Pacific coastline, offering development initiatives for countries willing to exchange national security with it. If this plan is successful, it will drastically improve the Chinese economy.

To counter the growing threat of the Uighur rebellion, China has supported a $46-billion investment package that will span over five years and aims at repairing the country’s deteriorating infrastructure. It is hoped that this investment package will improve Pakistan’s internal security and strengthen its economy, which will stabilize the Chinese western periphery and Xinjiang Province.

Essay on Impact of CPEC on Pakistan Economy - 500 Words

In 2013, China proposed an economic corridor to connect itself to South Asia and Central Asia. In 2015, after a state visit to Pakistan by Chinese President Xi Jinping, China and Pakistan solidified their relationship and signed agreements that would strengthen ties between the two countries.

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Right now, the China-Pakistan Economic Corridor (CPEC), the most comprehensive infrastructure project in all of Pakistan’s history, has taken its first steps. The CPEC will not only bring economic development to western China. This region has only 6% of China’s population, and it will also give Pakistan the infrastructure it needs and get us out of the energy crisis that has plagued us for so long.

With upcoming projects like the East Bay Expressway, Gwadar Port, and The Lahore Orange Line Train, Pakistan has a shot at economic prosperity- but only if we work together now. If we waste this opportunity to invest in our infrastructure and industries, it will never come around again.

Initially started with a $46 billion investment, the CPEC has become one of the most critical projects in Pakistan. Our primary focus has been on building our communication infrastructure and building Gwadar into a port that can support massive economic growth. This will boost local and foreign investments, bringing jobs and prosperity to the whole country.

Pakistan desperately needs energy because we are facing a deficit of around 6000 MW. This problem is affecting our industries and production to a large extent. At this crucial point in time, the CPEC initiative has come to save us from these energy problems. The CPEC initiative will give us 10350 MW of energy through the CPEC-Energy Priority Projects and 6345 MW through the CPEC.

Projects to be undertaken in the SEZs will boost the country’s overall exports from US$9 billion to over US$30 billion by 2030. Once completed, these zones will make Pakistan an Asian manufacturing and exporting hub.

The Trade Development Authority of Pakistan has taken measures to increase its exports by implementing Special Economic Zones on an industrial scale. They are one of the most important reasons for increasing trade between Pakistan and China in the past few years. These zones provide a cheap source of inputs as well as low-cost production, which is very important. There is a significant difference between imports and exports; currently, PKR 470,038 million and 180,899 million. These SEZs will reduce our trade deficit.

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The Chinese-funded USD 50 billion China-Pakistan Economic Corridor (CPEC) will be the biggest game-changer for Pakistan in increasing Foreign Direct Investment (FDI). The country will witness a significant boost to its economy if it manages to attract $150 billion FDI due to this mega project.

The government has allocated USD 11.83 billion for communication infrastructure and regional connectivity improvement to enhance FDI (Foreign Direct Investment) in Pakistan. There has been a significant decrease in terrorism incidents from 9.07 to 8.61 in 2017, catalyzing additional FDI in Pakistan.

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Top Study World: Essay on Impact of CPEC on Pakistan Economy
Essay on Impact of CPEC on Pakistan Economy
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