Future of CPEC

Future of CPEC

The economy of Pakistan has undergone an imperative evolution in 2016 since the set up of China-Pakistan Corridor with a greater economic growth.

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The economy of Pakistan has undergone an imperative evolution in 2016 since the set up of China-Pakistan Corridor with a greater economic growth.

CPEC has strengthen relationship between two neighboring countries. The initial investments made by China in this project actually aided Pakistan to triumph over the shortage of electricity. It too has ameliorated the road networks of Pakistan. This program involves number of new energy projects and a huge investment in infrastructure of the country. This project is going to benefit both Pakistan and China. The trade is definitely going to cause a significant increase in GDP rate of Pakistan. The trading relations between Pakistan and china emerged since the Silk Road was started being used as track for trade. Through this project, the country will be able to overcome its crisis which will actually benefit in economic development.

“CPEC’s Long-Term Plan would speed up Pakistan’s industrialization and urbanization.”

As far as the future of CPEC is concerned, it is considered to be the engine for financial advancement. Also, with time CPEC will offer an opportunity as business-to-business interactions despite of government-to-government collaborations. In other words, many new private companies will take part in and entrepreneurs will also have the conceivability of managing the project. This will actually increase the employment opportunities in private sector. The more economy of Pakistan will boost; more platforms will be established for employment of young citizens. Moreover, the opportunity will not be availed by Pakistani’s but it will attract foreign investors and experts too.

Another future prospect Tourism is major factor which contributes to the uplift of economy of a country. CPEC, without any doubt, will increase the tourism rate for Pakistan. This would improve the services of public information, provide convenience in transportation, security protection and other services benefiting the public. Back in 2017, the tourism sector of Pakistan proved to be on upper level by providing jobs, reducing poverty and fostering development among millions of people. Hence, CPEC will turn out an attractive spot for tourism. Also, a means for boasting up the economy.

Planned fishing harbor/industry linked with this port will facilitate efficient exploitation of 960 KM of long coast which would give boost to fish and crab exports and would promote food processing industries as well. CPEC will benefit the fishing industries in Pakistan which will turn out helpful for increasing livestock. This increment in fishing rate will aid in exports and imports both. As a result, it will also maintain good relations with exporting countries.

One of the great significance of this project is the regional connectivity in order to reduce trade of long miles. CPEC is a way to connect different regions with one another especially western, central and southern for speedy and efficient trade. Gwadar-Xingjian route can serve as an alternative to the Malacca Straits for the transportation of energy, which will be time and cost effective and will enable China to increase its energy security by reducing reliance on the Malacca route. Further to this, once CPEC is operational, China will find new markets for its products in Central Asia, Africa and the Middle East. It will further benefit China in improving the foreign exchange reserve structure, creating investment opportunity for Chinese firms and building new links between Inner land China and Indian Ocean. CPEC can do wonders for the economic development of Pakistan once it gets operational.