The Benefits of Pakistan China Economic Corridor for the World Essay
CPEC is an abbreviation of the China Pakistan Economic Corridor. It is the infrastructure project assortment that is currently under development in Pakistan. The CPEC project’s cumulative value is $62 billion.
Also, future power projects are expected to amplify considerably the valuation. The CPEC is intending to master massively the economy of Pakistan by enhancing rapidly the country’s infrastructure which includes special economic zones, energy projects, and contemporary transportation networks.
Even though the CPEC is working still in initial stages it has assisted Pakistan in ascending the global competitiveness scale. Pakistan is forecast to be the world’s 20th biggest economy by 2030.
The CPEC is predicted to result in 2.3 million new jobs creation.
CPEC features prominent economic and strategic importance for Pakistan and China. It is so because it links China with Asian, African, and Middle East markets. China’s biggest province, Xinjiang, would be connected with Gwadar port in Balochistan.
Launching in 2015, CPEC is the main project of BRI. This long term project was declared to be “the project of the century” by Chinese President Xi Jinping. So it will deliver $5 trillion investment into 52 countries’ infrastructure.
The Belt and Road Initiative or BRI would reinvigorate the primary belt one road or Maritime Silk trading route (silk road). According to the Chinese government, it will also boost connectivity between the African, European, and Central Asia continents (Iran Afghanistan). With Gwadar port city, transforming Pakistan will make a lot of benefits from BRI.
What are the benefits of Pakistan Economic Corridor CPEC for Pakistan?
In terms of infrastructure, there are many benefits to Pakistan that will transform the country for the better dramatically with the completion of CPEC. Being the gateway city to CPEC, improvements start with Gwadar’s major shipping port leading to economic growth.
The town will be upgraded with a $4.8bn injection, making it a contemporary port city of international norms and standards, South Asia’s busiest trading hub, and a vibrant metropolitan city by 2023. Moreover, 50,000+ expert jobs are expected in the nearest future to bring with them prominent spending power that will be driving the regional economy if it comes to development, services, and goods.
With the expected population growth, it is important for CPEC to take into account the local communities’ power consumption needs. For instance, an extra $35bn is spent by China for construction of 19 new power plants. The new roads and train links are planned to be established with 2,000+ km of construction connections from China to Gwadar.
Also, there is a need for a robust technological and digital solution for Pakistan. The country’s IT infrastructure’s growth will be boosted by over 820 km. China rolls extra support for 4G mobile networking, investing $225 million that will enhance smartphone usage. According to Google, Pakistan is one of the most rapidly growing countries in digital populations.