Friday, March 31, 2023

The World’s Gaze is Fixed On Pakistan: Pakistan’s Economic Progress Is Guaranteed by CPEC

Pakistan is prospering day and night. The country has been in tough times but now the world is witnessing Pakistan’s economic growth. China Pakistan Economic Corridor (CPEC) was launched in 2015. This giant venture has many promising projects that are helping Pakistan to grow. CPEC has numerous energy projects. These projects in the Energy sector are contributing to fulfill the required amount of energy in Pakistan. These projects have solved the issue of power shortage. The CPEC project has played its role in developing infrastructure. Constructions of roads, railway tracks, and Gawadar port has strengthened the Pakistani economy. Optical fiber network has opened doors for development and employment. Coal mining projects and industrial projects are helping the economy of Pakistan to grow. People from less privileged areas are getting a chance to earn better.

Thanks to CPEC the economy of Pakistan is getting better. As a result, the world has started to see Pakistan as a promising country. The project is considered a game-changer for Pakistan’s economy. It has enhanced the industries in Pakistan. It has widened the road for international trade. The development which was paused due to lack of resources is now happening rapidly.

International investors are now more confident in investing in Pakistan. The real estate sector is one example. Both national and international investors are keen to invest in Pakistan real estate sector. Not only real estate sector is prospering under the umbrella of CPEC but the information and technology sector, agriculture sector, and industries are also growing.

Image Courtesy Crisis Group

The 15-year CPEC project plan had 4 major stages, the first stage included power projects that added around 7000 MW of electricity to the national grid. These projects helped to overcome the power shortage and load-shedding issues. It also provides energy to run industries efficiently again. The second stage was constituted of short-term projects that are supposed to be complete by 2020. The major milestones include constructing roads, development of Gawadar, networking of optical fiber, coal mining, and more power projects. The third stage involves medium projects that should be complete by 2025. These projects are related to railways and industrial zones. The fourth stage involves long-term projects that will complete by 2030. This stage involves the completion of industrial zones, improvement in agriculture, and expanding tourism in the country.

People all over the world have high hopes for Pakistan. Hope CPEC will bring high-end rewards for Pakistan’s economy.

Image Courtesy CFR

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