CPEC is a part of a larger Belt and Road Initiative (BRI) of Chinese government
The foreign direct investment in the China-Pak Economic Corridor (CPEC) has reached $25 billion in the last seven years, the Chinese foreign ministry said during a press briefing. Wang Wenbin, the spokesperson for the ministry, said that many of the projects that come under the Belt and Road Initiative from President Xi Jinping have either completed or have been started.
Projects in different areas
The completed, as well as underway projects, are generally related to electricity production and infrastructure. The projects are also contributing to Pakistan’s GDP growth.
“These projects enhanced infrastructure and electricity supply in the country and created more than 70,000 direct positions and contributed 1 to 2 percentage points of the country’s GDP growth,” the spokesperson said.
Jobs being created
Quite naturally, there are many jobs that are being created for the locals as more and more projects that are undertaken. Gawadar Port is already carrying out operations and more than one thousand jobs have been created on the port alone. The spokesperson also said that the cooperation between the countries will make CPEC more than just a development project.
“Gwadar port, since first half of this year, started shipping cargo, weighing about 20,000 tones that carried wheat, sugar and fertilizers to Afghanistan, the spokesperson told reporters. “This created about 1,000 jobs,” he added.
“The existing programs are focusing more on cooperation in livelihood, industry and agriculture to change CPEC into a demonstration project of high quality BRI development and to bring more benefits to our two countries and the region,” he added.
China will invest and loan funds of around $60 billion in various CPEC projects. Once completed, the cargo transport time will be cut by at least two weeks, saving both direct and indirect costs as well as allowing faster trade. Both countries will greatly benefit from the project in the longer run.