Islamabad, 30 May 2022 (TDI): Pakistan’s newly-elected Prime Minister, Shehbaz Sharif emphasized the importance of CPEC in building the infrastructure and its implementation in the area which is less benefitted and deprived could enjoy the dividends of development.
The Prime Minister even mentioned in his speech the importance of CPEC which shows his seriousness to believe in its vitality and its power.
He spoke of CPEC as an ambitious blueprint that can help Pakistan transform into a major economy and can help the people in bringing a much-awaited change.
CPEC has always been welcomed by both countries entering into its second phase of high-quality construction. It is expected that Shehbaz Sharif will pay keen interest to bringing healthy and positive results on the economic and social levels.
China-Pakistan Economic Corridor
China-Pakistan Economic Corridor (CPEC) plays a significant role in a journey towards regionalization.
It is a corridor that can open the avenues of peace, prosperity, financial and economic, growth, development, and stability for Pakistan as well as its regional neighbors like Turkey, Afghanistan, and the Central Asian Republic.
CPEC is a medium and a source of connectivity in the region. CPEC was officially launched on the 20th of April 2015 by the then Prime Minister Nawaz Sharif and Chinese President Xi Jinping.
Both leaders signed 51 agreements and memorandum of understanding valued at 46 billion dollars. The goal of CPEC is both to transform Pakistan’s economy by modernizing its road, rail, air and energy transportation system.
The major achievement was to connect the deep sea Pakistani ports of Gwadar and Karachi to China’s Xinjiang province and beyond by overland routes.
CPEC is part of the larger Belt and Road Initiative- to improve connectivity, trade, communication, and cooperation with the countries of Eurasia, announced by China in 2013.
Xinjiang borders Mongolia, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Afghanistan. India, Pakistan and the ancient silk road run through its territory.
Training and development of the skilled manpower can play a very effective role to benefit the CPEC projects and this can lead to the long-term manpower requirements for both construction and operational projects of CPEC.
Transport infrastructure can help facilitate to increase the trade growth and economic cooperation with China. Pakistan will be able to shift its trade routes with China and other countries from sea and air to cheapest land transportation.
