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Old Thursday, August 10, 2017
black beast black beast is offline
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Constructing China Pakistan Economic Corridor will bring regional harmony and better economic ties. It will provide China a shorter, cheaper and more secured route to interact with West and South Asia, Arabian Peninsula and Africa through Pakistan. As president Mamnoon Hussain already termed CPEC “Framework of Regional Connectivity” which would bolster the activities of trade and business in the whole region. It is an extra-ordinary project of shared dreams, goals, destiny, harmony and collective development through the extension of geographical links. CPEC is basically initiation the Maritime Silk Road that will link 3-billion people of Europe, Asia and Africa. From the initial value of $46-billion, China is going to invest $33.79 billion in energy sector of Pakistan to curb the energy short-fall in the country which has now become one of the main reasons of economic descent. $11.19 billion would be spent in transport sector including 1,240km Karachi-Lahore motorway which is a six lane high speed corridor and orchestrating upgrades to public transportation, including metro and bus service, in six cities, including Lahore Karachi and Rawalpindi. Modernizing the Karakoram Highway, which runs 1,300km from Kashgar, the ancient Silk Road crossing in Sinkiang, all the way into the heart of Punjab, Pakistan’s biggest province, will also prove critical. $44 million fiber optics will be installed linking Sinkiang and Rawalpindi. $0.66 billion will be spent on the up-gradation of Gawadar port to be fully operational for CPEC. In 2016, China’s aid exceeded the American spending, which has total $31 billion since 2002. CPEC is crucial for both, Pakistan and China, countries. According to Pakistan Economic Survey 2014-15, the trade between Pakistan and China has increased to $16-billion which has increased 10% from fiscal year 2009-10 to 2014-15. CPEC is 3,218km lengthy route that will be completed in the first phase of this mega project, embodied by highways, railways and pipelines. The much advertised $46-billion economic route goes through the stunning Gilgit-Baltistan Province in north of the country which connects Kashgar in China’s Western Province Sinkiang to the rest of the world through the Chinese operated Gwadar Port in South. The mage project has kept the hopes alive of elevating the economy and eliminating Pakistan’s energy crisis. It can be said that if CPEC is materialized according to the plan, it would exceed all the foreign direct investment in Pakistan since 1970 and would be equivalent to the 17-percent of 2015’s gross direct product. It is further estimated that CPEC would produce 700,000 direct jobs to the youth of Pakistan in different projects during the period of 2015-30 and add up to2.5 percent points to the country’s growth rate.
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