CPEC attracts massive $25.4 bn Chinese investment over 10-year period

BEIJING: The projects under China-Pakistan Economic Corridor (CPEC) a flagship project of the Belt and Road Initiative (BRI) are flourishing all across Pakistan and have attracted US$25.4 billion of direct investment from China during the last 10 years.

“After ten years of development, a “1+4” cooperation layout has been formed, with the CPEC at the centre and Gwadar Port, transport infrastructure, energy and industrial cooperation being the four key areas,” according to a senior official of the Chinese Foreign Ministry.

The projects under the CPEC framework have created 192,000 jobs, producing 6,000 megawatts of electric power, building 510 kilometers of highways and adding 886 kilometres to the core national transmission network, he added.

Terming the China-Pakistan Economic Corridor a signature project of China-Pakistan cooperation in the new era, he said that it is an important project under the Belt and Road Initiative.

This year marks the 10th anniversary of the launch of CPEC. After ten years of development, a “1+4” cooperation layout has been formed, with the CPEC at the center and Gwadar Port, transport infrastructure, energy and industrial cooperation being the four key areas.

The CPEC has made a tangible contribution to the national development of Pakistan and connectivity in the region. China and Pakistan have also explored new areas for cooperation under the framework of CPEC, creating new highlights in cooperation on agriculture, science and technology, telecommunication, and people’s well-being.

“China stands ready to work with Pakistan to build on the past achievements and follow the guidance of the important common understandings between the leaders of the two countries on promoting high-quality development of CPEC to boost the development of China and Pakistan and the region and bring more benefits to the people of all countries,” the official said.

In a recent statement, Prime Minister Shehbaz Sharif said that the CPEC has been playing a pivotal role in transforming Pakistan’s economic landscape.

The implementation of a number of multi-billion-dollar development projects under the CPEC has brought socio-economic benefits to Pakistan and helped the country progress in the region and beyond, Shahbaz Sharif said while addressing a ceremony to mark a decade of the signing of CPEC.

Launched in 2013, the CPEC is a corridor linking the Gwadar port in southwestern Pakistan with Kashgar in Northwest China’s Xinjiang Uyghur Autonomous Region, which highlights energy, transport, and industrial cooperation. Over the past 10 years, the CPEC has gathered momentum unheard of in Pakistan’s economic history with complete support from the Chinese leadership, the prime minister said.

He said that the pace of work on the CPEC projects will be further expedited in the coming days, and the cooperation between the two countries is being enhanced in various areas including agriculture, special economic zones, information technology, and exploration of mineral resources.