CPEC Role in the Development of Pakistan

CPEC Role

 

The China-Pakistan Economic Corridor (CPEC) Gwadar Port Pakistan, which is part of the Belt Road Initiative (BRI), remains scheduled to be completed in three phases.

 

In the first phase, much work has been done on infrastructure and energy needs. 1,456 km of roads were being built to improve transit while 1,544 km of roads were completed. In the energy sector, seven projects are nearing the completion of a 1700 MW hydroelectric project, while 5,320 MW is already being added to the national grid. The new plant already has plans to generate 2,844km of electricity. To promote internet connectivity, 820 km of fiber optics has been expanded to connect Khanjarab and Rawalpindi. Among other works used, the Gwadar Port Pakistan is active. The Gwadar Port Pakistan Smart Port City Master Plan has been approved and is currently being implemented. Included are tax and other economic incentives that will boost investment in Gwadar Port Pakistan.

Phase of CPEC

The second phase of CPEC includes the development of large-scale industrialization, socio-economic development, economics, the blue economy (recycling and recycling of aquaculture) and tourism activities. Framework agreements for industrial cooperation in agriculture and economic development were signed in 2018. The second phase of CPEC will apply success to previously completed projects and will focus more on economic activity and employment opportunities.

Special Economic Zones (SEZ)

 

Special Economic Zones (SEZ) in Gwadar Port Pakistan will help to attract large foreign investment in Pakistan and bring it back to a state of industrial growth over the past 10 years. The government has also announced incentives, including tax breaks, to lure companies to invest in Pakistan through joint ventures and national industries.

27 projects identified

 

With regard to the development of the social sector, 27 projects have been identified in the areas of education, health, agriculture, poverty alleviation, agriculture and water provision, of which 17 are on the priority list and will be completed in this phase.

 

The second phase of the China-Pakistan Free Trade Agreement came into effect in January 2020, which involves the inflow of revenue from Pakistan's foreign products such as heather, cotton and textile products into the Chinese market. 2020 will be a historic year for CPEC. China will end its 13-year poverty plan. 2020 will be a historic year to mark the beginning of a new chapter on cooperation between China and Pakistan.

 


Location: Gwadar, Balochistan, Pakistan

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