ISLAMABAD: Embracing a vision to transform the world into a global village with abundant opportunities of socio-economic prosperity equally available to all brackets of society, the China-Pakistan Economic Corridor (CPEC) project set its foot in Pakistan in 2013.
With 2023 marking its 10th anniversary, this multibillion-dollar initiative – a flagship project of the Belt and Road initiative – has contributed immensely towards Pakistan’s efforts for economic uplift, sufficiency in energy, and fight against poverty by opening doors to foreign and local investment in a myriad of projects.
This article gives a broad outline of this ambitious project that ties Pakistan and China in a symbiotic relationship equally beneficial to both.
Introduction: The plans for an economic corridor between Pakistan and China preceded the Belt and Road Initiative (BRI). The project was first announced in the summer of 2013 when the then prime minister of Pakistan met then Chinese primer in Beijing.
The focus was on connecting China with Gwadar through highway, rail, and pipeline infrastructure. The project plans had a five-year horizon for implementation, and the sums involved – ranging between USD 10 and 20 billion – were moderate compared to China’s current ambitions in Pakistan.
The agreements and MoUs initially signed under the project totalled around $46 billion with investments in energy (power) and infrastructure. The project virtually connects Kashgar city with the Gwadar Port in Balochistan province.
CPEC is a journey towards economic regionalization in the globalized world. It founded peace, development, and a win-win model for all. The project promises a better future region with peace, development and economic growth.
Major components: The three major components of the project include investments in Infrastructure development (road, optical fibre cable and railway networks), Energy (power) sector and Special economic zones.
International cooperation, agriculture, science & technology, and information technology are newly added, and currently at the planning stage for third-party participation.
CPEC at a glance (90 projects, $54 billion USD)
A total 27 projects completed with an investment of USD19 billion while 27 projects are under implementation with an investment of USD7.7 billion which will be completed by 2025.
Similarly, projects are in the pipeline with approximate investment of USD27.5 billion and will be completed by 2030.
