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People are finding information about China Pakistan Economic Corridor essay because this is one of the most important developments in Pakistan with the help of China. Every year Pakistan earns millions of dollars. Further, the importance of China Pakistan Economic Corridor is given below.
What is CPEC?
The China-Pakistan Economic Corridor (CPEC) is a project to improve infrastructure within Pakistan in order to improve trade with China and further integrate with the countries within the region of Central Asia. It is a major bilateral initiative that will raise the level of living for Chinese and Pakistani citizens. In order to advance bilateral ties, China and Pakistan decided to collaborate on initiatives like agricultural systems and poverty reduction.
Restructuration of Pakistan
The goal of CPEC is to restructure Pakistan’s road, rail, air, and energy transportation systems as well as to connect the deep sea Pakistani ports of Gwadar and Karachi to China’s Xinjiang province and beyond via overland routes. CPEC is a corridor that will change the game for both China and Pakistan with several advantages on the table this big economic initiative has the ability to open up new possibilities for progress between these two nations.
Infrastructural Projects of CPEC
CPEC project is a collection of infrastructure projects. It is a massive bilateral project that was signed between China and Pakistan on April 20, 2015. This project includes 51 signed agreements and is valued $46 billion which has reached $62 billion in recent years. CPEC is part of the larger Belt and Road Initiative that was announced by China in 2013. As its name suggests “Economic Corridor” it is to improve connectivity, trade, communication, and cooperation between Eurasia. This framework will not only benefit Pakistan and China but will impact Iran, Afghanistan, India, Central Asian Republics, and the Region positively. It will be a game-changer for Pakistan, China, and the Whole Region.
Game Changer for Pakistan
CPEC will benefit Pakistan the most in the future as Pakistan is a developing country and this project will have a huge impact on every sector. Pakistan`s economy will boost because of this project which is why this project is known as a “Game Changer” for Pakistan as it will positively impact Pakistan from north to south and east to west.
Industrial and Technological Revolution
It will bring industrial and technological revolution to the country making the country more progressive. The technological sector of Pakistan will have a huge impact as China is a Technological hub. As part of the CPEC, the two countries have signed and will establish many projects regarding technology: “China-Pakistan Joint Cotton Bio-Tech Laboratory” and “Pakistan China Fiber Optic Project”. Many projects regarding “Space research” have been also signed.
CPEC`S Special Economic Zones
Pakistan lacks industrial development due to many factors but the main problems are energy shortage and lack of technology. CPEC`S Special Economic Zones will play an important role in the industrial development of our country. Small Economic Zones will foster the economic growth of Pakistan. Nine special economic zones will be established in all four provinces of Pakistan characterized by specific products and services. Under these economic zones, local raw materials will be used in local production which speeds up the urbanization and employability expected to be 2 million. This will directly increase the high standard of living, reduce imports, and price stability.
Employment Opportunities
The CPEC project will give South Asia access to existing closed markets and larger financing, fostering industrial growth and the expansion of underdeveloped areas in Pakistan and China. To give individuals good employment which will create a large number of employment chances.
Regional Cooperation
Regional cooperation has been the major issue, CPEC will boost regional cooperation to the fullest and Pakistan will be its center. This cooperation will transform Pakistan into a regional hub. Trade and commerce will be enhanced between Pakistan and the regional countries as Pakistan will provide a sea route to land-locked nations. And there will be peace in the whole region which will result in the development of Pakistan and its security.
Gwadar Port
The greatest accomplishment of CPEC is the port of Gwadar. It is a seaport in Pakistan that the Pakistanis have leased to the Chinese. Since 2013, China has begun expanding the port’s infrastructure. Due to its deep-sea port and geographically ideal location, Gwadar is highly significant in the CPEC. It is 100 kilometers from the Iranian border in the Baluchistan region of southern Pakistan on the Makran coast of the Arabian Sea. The success of Gwadar will benefit both nations economically and strategically.
Pak-China friendship
As CPEC is a 100 years agreement project so it will strengthen the Pak-China friendship which is obviously a dangerous alarm for their enemies. Both Pakistan and China will benefit from each other. Their differences will prove their strengths. Pakistan has an important location strategically and China has a rising economy with which both push limits.
We have written the complete details of the China Pakistan Economic Corridor as well as the detail of the above facts discussed.