CPEC is a multipurpose project including the network of roads, railways, seaports, airports, development, infrastructure, and many job opportunities. In this project, China will connect its province Kashgar to the Pakistani seaport Gwadar. This route aims to have easy and short access for China to reach in the world markets for trade and importing oil.
This project is known as a game changer for Pakistan. In fact, this is a win-win project for both countries. China will get easy and short access to Asia and Europe for its trade and importing oil. Presently, China is using a lengthy and disputed sea route of 15,000km from the South China Sea to access the Middle East and Europe. While, through CPEC route, China has to just travel for 3,000 km for accessing world markets.
On the other hand, this project is the fortune changer for Pakistan as well. Pakistan aims to gain development, infrastructure, energy projects and a lot of job opportunities for this project.
CPEC was signed in 2015 between the then Prime minister of Pakistan Nawaz Sharif and the president of China Xi Jinping.
According to Pakistani officials, CPEC is a 46 billion dollar project. Out of which 33 billion dollars are earmarked merely for energy projects. According to the plans, 10,500 MW energy projects will be complete by 2018.
Moreover, 10 energy projects of 6,600 MW are to be developed in Thar Deseret, Sindh. Besides this, many other solar and hydropower projects will be initiated to overcome the menace of energy crises.
It is believed that energy projects will be helpful to end or mitigate energy shortfall problem. Industries will produce more goods to boost the economy of Pakistan. As Pakistan is a developing country, so it will move fast on its way to development by meeting the issue of energy shortfall.
Besides this, Pakistan aims to complete a number of development and infrastructure schemes in this project. Highways, roads, railways, airports and seaport projects are underway. These projects would give a new shape to the infrastructure system of Pakistan. Less developed provinces like Baluchistan would get many benefits such as development and infrastructure by CPEC.
As Gwadar port is in Balochistan, so inhabitants of Baluchistan can get jobs and this project can eradicate the sense of deprivation among them as well. Along with this, as per reports, 700,000 job vacancies would be created through this project. In this way, Pakistan will get some relief by mitigating one of its biggest issue of unemployment.
There are some concerns related to CPEC as well. As this project is in the form of direct foreign investment and Pakistan has to repay given amount along with the markup rate within 30 years. So Pakistan has to make long-term plans in future.
This is a flagship project for Pakistan. This is the reason India is against this project and is hatching conspiracies against Pakistan to foil the success of this scheme.
The US is also frustrated from the CPEC. That’s why the US has made close relations with India and intermittently puts baseless allegations on Pakistan.
Pakistan should keep vigilance eye on those who want to disrupt the development process of CPEC.