CPEC 2013-23: Path to Economic Uplift

ISLAMABAD: The China-Pakistan Economic Corridor (CPEC) project entered Pakistan in 2013, with the goal of transforming the globe into a global community where everyone has access to a wealth of socioeconomic opportunities.

This multibillion-dollar initiative, a flagship project of the Belt and Road initiative, will celebrate its tenth anniversary in 2023. It has made significant contributions to Pakistan’s efforts for economic advancement, energy sufficiency, and the fight against poverty by opening doors to foreign and domestic investment in a variety of projects.

This article provides a high-level overview of this enormous initiative that links China and Pakistan in a mutually beneficial partnership.

introduction: The Belt and Road Initiative (BRI) was preceded by ideas for an economic corridor between Pakistan and China. When the then-prime minister of Pakistan met the then-prime minister of China in Beijing in the summer of 2013, the project was originally unveiled.

The goal was to build a pipeline, rail, and road network that would connect Gwadar, Pakistan, to China. The project plans called for a five-year implementation period, and the costs — between USD 10 and 20 billion — were reasonable in comparison to China’s current aspirations in Pakistan.

Around $46 billion in investments in infrastructure and energy (electricity) were made in the initial agreements and memoranda of understanding (MoUs) inked under the project. The project effectively links the Balochistan province’s Gwadar Port with Kashgar City.

In a globalized world, CPEC represents a journey towards economic regionalization. It laid the groundwork for growth, peace, and a win-win scenario for all. A better future region with peace, advancement, and economic progress is promised by the proposal.

Investments in the development of the Infrastructure (road, optical fibre cable, and rail networks), the Energy (electricity) sector, and Special Economic Zones are the project’s three main components.

Agriculture, research and technology, international collaboration, and information technology have just been added and are currently in the planning stage for third-party participation.

A brief overview of CPEC (90 projects, $54 billion USD)

A total of 27 projects totaling USD 19 billion in investment have been completed, and another 27 projects totaling USD 7.7 billion in investment are now being implemented and will be finished by 2025.

Similar projects, expected to cost $27.5 billion, are in the works and will be finished by 2030.

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