Islamabad: According to various sources, the China-Pakistan Economic Corridor (CPEC) is gaining traction with each passing day of the Pakistan-China relationship, indicating that the project will continue to gain traction in the coming months.
With the CPEC project running smoothly, Pakistan expects a surge in economic activity in the coming months. Pakistan has emerged as a key player in regional economic activity as a result of the Chinese government’s novel Belt and Road Initiative (BRI).
Regarding the 70th anniversary of Pakistan-China diplomatic relations, a CPEC Authority official, who did not want to be identified, told APP exclusively that the mega project would further improve bilateral relations with China.
Their strategic partnership, which was strengthening with each passing day, was critical on both regional and international levels, according to the official.
Apart from infrastructure growth, power generation, and ventures in transportation, railways, agriculture, science and technology, and tourism, this project will not only generate billions of dollars in revenue through trade but also thousands of jobs for locals.
The development of Special Economic Zones across the country through a Pak-China joint venture is a primary outcome of the CPEC. Given the significance of the project, several other countries have expressed interest in investing in it on and off.
Following the start of the second phase of the China Pakistan Economic Corridor (CPEC), which primarily consists of industrial cooperation, the country’s economic activity is picking up.
He predicted that four main sectors, including manufacturing, agriculture, socio-economic growth, and Gwadar New City, would advance quickly in the next process.
According to the official, nine of the 22 energy projects have been completed, with five megapower projects in Thar, Kohala, Azad Pattan, and other areas in the works. With the addition of 17,000 MW of electricity to the national grid, Pakistan will not only be energy self-sufficient, but will also be able to export it once all of the projects are completed. With the addition of 17,000 MW of electricity to the national grid, Pakistan will not only be energy self-sufficient, but will also be able to export it once all of the projects are completed.
According to the official, Chinese Ambassador to Pakistan Nong Rong expressed satisfaction with the progress of the CPEC projects in a recent statement. Similarly, the zone will receive 210 MW of electricity in three phases, and the government has set aside Rs 1.203 billion for gas supply, according to the official.
Similarly, the official said that the Allama Iqbal Zone in Faisalabad was being completed as quickly as possible, resulting in the creation of approximately 250,000 jobs for the locals.
According to the official, 1,100 kilometers of roads have been constructed under the CPEC, with another 850 kilometers under construction.
He said the Hakla-Dera Ismail Khan Motorway was nearing completion on the western road. It had a total length of 285 kilometers, which was split into five packages. He added that the first 55 km package, which began near D I Khan and ended at Rehmani Khel, would be completed first.