The China-Pakistan Economic Corridor (CPEC) is an assortment of infrastructure projects currently under development in Pakistan.
After the continued hindrance caused by COVID-19 pandemic and the constantly evolving political situation of Pakistan in the last two years, all CPEC projects are now successfully continuing towards their completion stage.
With a special focus on agricultural modernization, socio-economic development and geopolitical boost in the region, Pakistan and China are devoted actively in the fast-track development of the CPEC projects.
In order to endorse the high-quality development of the CPEC projects, a new Joint Working Group on Information Technology and Industry has beed established by Pakistan and China’s leadership.
The collective value of all CPEC projects is estimated to be $62 billion so far, and is expected to amplify considerably with the addition of more future projects.
In terms of infrastructure, the ongoing CPEC projects have many advantages in store for Pakistan, with a heavy potential to transform the country positively.
A report by PWC suggests that if CPEC continues to grow at a fast pace, then by 2030, Pakistan will become the world’s 20th largest economy. The CPEC alone will be responsible for the creation of over 2.3 million new jobs for all Pakistani citizens.
By enhancing the country’s modern transportation networks, energy projects and Special Economic Zones (SEZs), CPEC will massively propel Pakistan’s economy in the forward direction.
The CPEC will also link Gwadar and Karachi’s seaports with northern Pakistan by modernising transport links with highways and railway projects.
Moreover, Pakistan and China are continuously encouraging international investment and introduction of advanced technologies and expertise in the CPEC from third parties for common development.