ISLAMABAD: 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 due to the Chinese government’s novel Belt and Road Initiative (BRI).
A CPEC Authority official told APP that one key outcome of the CPEC is the development of Special Economic Zones (SEZs) under construction across the country through the joint venture, commemorating the 70th anniversary of Pakistan-China diplomatic relations.
Given the project’s significance, several other countries have expressed interest in investing in it on and off.
Following the start of the second phase of CPEC, which primarily consists of industrial cooperation, the country’s economic activity is picking up.
Even though the SEZs planned under the CPEC umbrella are primarily intended to relocate Chinese industry and investment, both countries have already expressed interest in third-party involvement in the megaproject.
He predicted that four primary sectors, including manufacturing, agriculture, socio-economic growth, and Gwadar New City, would advance quickly in the following process.
According to the official, nine of the 22 energy projects have been completed, with five mega power projects in Thar, Kohala, Azad Pattan, and other works. With the addition of 17,000 MW of electricity to the national grid, Pakistan will be energy self-sufficient and export it once all of the projects are completed.