CPEC marks 10th anniversary of substantial achievements in Pakistan’s development

Experts highlight industrial diversification for Pakistan's long-term economic growth

The China-Pakistan Economic Corridor (CPEC), a significant project of the Belt and Road Initiative (BRI), has made impressive advancements in Pakistan over the past decade. China has invested a substantial amount of $25.4 billion directly into the CPEC. 

According to a senior Chinese Foreign Ministry official, the CPEC has established a comprehensive cooperation layout called “1+4,” with the CPEC at its core and Gwadar Port, transportation infrastructure, energy, and industrial cooperation as the four main areas of focus.

The projects under the CPEC have had several positive impacts, including the creation of 192,000 job opportunities, the generation of 6,000 megawatts of electric power, the construction of 510 kilometers of highways, and the expansion of the national transmission network by 886 kilometers. The CPEC is considered a vital project in China-Pakistan cooperation and plays a crucial role in the Belt and Road Initiative.

As the CPEC reaches its 10th anniversary, it is recognized for its significant achievements. It has not only contributed to Pakistan’s national development and regional connectivity but also explored new avenues of cooperation in sectors such as agriculture, science and technology, telecommunications, and public welfare.

China remains committed to building upon the past successes and promoting the high-quality development of the CPEC in line with the mutual understanding between the leaders of China and Pakistan. Prime Minister Shahbaz Sharif acknowledges the pivotal role played by the CPEC in transforming Pakistan’s economic landscape. The implementation of multi-billion-dollar development projects under the CPEC has brought socio-economic benefits to Pakistan, elevating its progress regionally and globally. The prime minister expresses a commitment to accelerating the pace of work on CPEC projects and enhancing cooperation with China in various sectors, including agriculture, special economic zones, information technology, and mineral resource exploration.

Experts have praised the transformative impact of the CPEC on Pakistan’s development. Over the past decade, the completion of numerous multi-billion-dollar projects, such as power plants, mass transit systems like the Orange Line, and road infrastructure, has propelled the country forward.

The vision of the Belt and Road Initiative, combined with Pakistan’s strategic location, aims to position the country as a regional hub for trade, commerce, manufacturing, and agriculture. The CPEC symbolizes the unwavering commitment and collaboration between the leadership of Pakistan and China.

Additionally, experts emphasize the importance of diversifying industries for long-term economic development. Southeast Asian countries have successfully climbed the industrial ladder by producing sophisticated goods that are in high demand globally. Economist Dr. Nadeem Javaid highlights Pakistan’s potential to leverage its productive capabilities and enhance its position in global markets.

Overall, the CPEC has brought significant progress to Pakistan, strengthening economic ties with China and fostering development in various sectors. The project serves as a testament to the shared vision and dedication of the leadership of both countries.

Launched in 2013, the CPEC is a corridor connecting the Gwadar port in southwestern Pakistan to Kashgar in Northwest China’s Xinjiang Uyghur Autonomous Region, focusing on energy, transportation, and industrial cooperation.

According to the prime minister, the CPEC has achieved unprecedented momentum in Pakistan’s economic history over the past 10 years with full support from the Chinese leadership.

To read the full article visit www.tribune.com.pk

- Advertisement -
Monitoring Desk
Monitoring Desk
Our monitoring team diligently searches the vast expanse of the web to carefully handpick and distill top-tier business and economic news stories and articles, presenting them to you in a concise and informative manner.



Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

WB launches ‘Reforms for a Brighter Future’: Time to decide to...

PESHAWAR: The World Bank has launched a new program to foster debate on the critical development policy issues facing Pakistan. ‘Reforms for a Brighter...