by: Khalid Taimur Akram, Executive Director, Pakistan Research Center for a Community with Shared Future (PRCCSF), Islamabad:
The China-Pakistan Economic Corridor (CPEC) stands as a testament to the enduring friendship between Pakistan and China, pioneering the all-weather and time-tested friendship. CPEC has evolved rapidly from vision into reality, opening up new opportunities for growth and development for both nations.
Over the past decade, CPEC has facilitated significant growth in Pakistan-China trade over many years. This robust economic cooperation between the two nations has yielded fruitful results, bearing practical outcomes in various spheres of bilateral engagement. CPEC has transformed from a visionary project into a remarkable reality, ushering in a new era of economic cooperation between China and Pakistan and promising huge opportunities for economic growth, infrastructure development, and regional connectivity, thereby strengthening the strategic partnership between the two countries.
CPEC has not only bolstered economic and financial cooperation but has also facilitated people-to-people exchanges and cultural ties, promoting mutual understanding and friendship between the two nations. The CPEC has significantly extended beyond borders, offering potential for regional connectivity and growth, also shaping the economic dynamics of the region by strengthening ties between China, Pakistan, thereby fostering a sense of community and shared prosperity. This broader regional integration not only augurs well for Pakistan but also promises to unlock new avenues for trade and commerce, thereby fostering shared prosperity across borders.
Building Relations through Cooperation: The bilateral ties between China and Pakistan through CPEC have been fruitful, with practical achievements in various sectors, including agriculture, trade, and economic cooperation, and also fostering a strategic partnership that extends beyond economic realms to encompass cultural exchanges and people-to-people interactions, nurturing mutual understanding and resulting in practical benefits for both nations.
The infrastructure projects under CPEC, including highways, ports, railways, and energy infrastructure have not only improved transportation and energy efficiency but have also revitalized industries, improved the quality of life for millions of people in Pakistan, and created thousands of jobs. Gwadar Port is serving as a gateway for trade linkages between China and Pakistan, offering immense potential for economic development and also further enhancing regional connectivity and integration. The alleviation of Pakistan’s energy crisis has enabled industries to operate more efficiently, leading economic growth and leading to a higher standard of living.
Moreover, the development of Special Economic Zones (SEZs) aims to promote industrial growth, and generate employment opportunities, thus laying the groundwork for sustainable growth and development in both countries, and generating numerous benefits for local communities, including better access to education, healthcare, and other essential services.
Pakistani and Chinese delegation teams frequently visit each other’s countries across diverse fields such as journalism, space exploration, business expertise, medicine, and education, fostering people-to-people connections in various sectors and facilitating the exchange of ideas and knowledge.
Furthermore, China’s investment in Pakistan has significantly boosted the country’s foreign direct investment (FDI), positioning it as an attractive destination for businesses seeking to capitalize on the opportunities through various projects.
The onset of Phase II of the China-Pakistan Economic Corridor (CPEC) signals a robust push towards enhancing socio-economic development within Pakistan. This phase emphasizes the pivotal socio-economic growth aspect of CPEC, which will not only benefit the public but also foster closer ties between the two countries. Through collaboration across multiple sectors, numerous Memorandums of Understanding (MOUs) have been established between Pakistani educational institutions and their Chinese counterparts, enabling Pakistani students to access advanced and modern education through Chinese cooperation.
As CPEC continues to evolve, it remains essential to address challenges, promote inclusivity, and foster cooperation among all stakeholders to unlock its full potential and make it a catalyst for shared prosperity in the region. The ongoing commitment of both China and Pakistan to promote the quality development of CPEC underscores their dedication to building a closer community with a shared future, thus realizing the vision of a new era of economic cooperation and shared prosperity between the two nations.
Over the past decade, CPEC is promising a new chapter in the economic collaboration between China and Pakistan while presenting unparalleled opportunities for regional connectivity and growth. CPEC has made significant strides and remained steadfast in addressing critical infrastructure and energy needs in Pakistan.
In conclusion, the CPEC has laid a solid foundation for sustainable growth and development in both China and Pakistan, exemplifying a beacon of hope and prosperity for the entire region. CPEC remains instrumental in fostering economic cooperation, regional connectivity, and inclusive development.
