Broader engagement in CPEC to boost economic activity in the region

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ISLAMABAD, :With the smooth sailing of China Pakistan Economic Corridor (CPEC) project, Pakistan is foreseeing massive economic activity during days ahead. An appreciable outcome of a novel Belt and Road Initiative (BRI) of the Chinese government, Pakistan becomes the key player in the regional economic activity.

This project would not only earn billions of dollars revenue through trade but also generate thousands of jobs for the local people besides infrastructure development, power generation and projects in transportation, railways, agriculture, science and technology and tourism sectors.

One key outcome of the CPEC is the construction of Special Economic Zones under construction across the country through Pak-China joint venture. Keeping in view the importance of the project, number of other countries had also been showing interest off and on, to invest in the project.

The economic activity in the country is gaining momentum after the commencement of second phase of China Pakistan Economic Corridor (CPEC) that largely consists of industrial cooperation.

Although the Special Economic Zones (SEZs) planned under the umbrella of China Pakistan Economic Corridor (CPEC) are basically meant to relocate Chinese industry and investment but both the countries have already offered third party participation in the mega project.

The countries including Saudi Arabia, Qatar, Iran, Middle Eastern states and some Western countries have already showed interest to invest specially in the Industrial zones.

The third party involvement in CPEC is win-win for all as the participation would help the foreign companies to flourish their business by availing the lucrative facilities offered by the Pakistan government besides enabling Pakistan to boost its exports to the potential world market. Chinese authorities have also acknowledged the importance of broader participation in CPEC and SEZs.

Apart from Gwadar Free Zone, a total of nine SEZs are planned under CPEC, including the four priority SEZs in Sindh, Punjab and Khyber-Pakhtunkhwa: Dhabeji SEZ, Allama Iqbal Industrial City, Rashakai Economic Zone, and Bostan SEZ in Balochistan.

The CPEC is aimed at bringing the country among world’s top economies besides stabilizing Pakistan’s international status at political, economic and socially fronts. To achieve this aim, all government departments both from federal and provinces are busy
under the dynamic leadership of Prime Minsiter Imran Khan.

Under the $60 billion CPEC project, various projects worth of $53 billion have already been identified and 17 projects worth $25 billion have been completed under the Corridor. While 19 projects are under construction and 28 more projects including the historic ML-1 railway project are at various stages of planning and approval.

In these projects, three-fourth amount consist of Chinese investment which negates the international propaganda of the Chinese debt trap.

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