CPEC and Special Economic Zone: Up until now, the strong ties in the domains of security and defense have served as the foundation for the friendship between China and Pakistan, which both countries have referred to as being “deeper than the ocean, sweeter than honey, and higher than the Himalayas.”
A historic agreement was reached by Pakistan and China on April 20, 2015, to begin construction on the $46 billion China-Pakistan Economic Corridor project. Currently, a $62 billion project. The project intends to build a network of railroads and oil and gas pipes to link the Chinese city of Kashgar with the Pakistani seaport of Gwadar.
The two nations have changed their approach over the past few decades, with a focus on fostering and growing bilateral investment, trade, and economic cooperation.
Benefits for Pakistan:
CPEC and SEZ have tremendous advantages for both Pakistan and China. Numerous energy and infrastructural initiatives are being carried out along the CPEC’s northern, eastern, western, and central corridors.
- 720MW Karot hydropower project
- 870 MW Suki Kinari Hydropower Project
- SUNEC 50 MW wind project
- Gwadar International Airport
- It will also expand trade with other countries.
- Facilities of freshwater and treatment and infrastructure development
- 1320 MW coal-based power project
- China-Pakistan friendship Hospital
- Pakistan-China Technical & Vocational Institute
- Install Energy projects for energy needs.
- Investment by China will boost Pakistan’s GDP by 15%
- Given the solid foundation of friendship & job opportunities
- Investment within the industries fields.
- Modern Infrastructure in Commercial Fields.
- Foreign Investment and land value will increase with the CPEC Route
- CPEC will provide the Tourism in the Pakistan.
In terms of economic development, CPEC and SEZ are not game-changer; rather, it is a fate-changer for the entire nation. It has huge infrastructure of a 3000 km network of roads, rail, pipeline, and optical fibers.
Main components of the corridor:
Gwadar port, Transport infrastructure, Railway infrastructure, Energy infrastructure, Agriculture infrastructure.