Do you want to know about the CPEC projects? Here in this article, we shall discuss the importance of CPEC and an overview of ongoing projects and development.
Table of contents
- What is CPEC?
- What is the importance of CPEC for Pakistan and China?
- What is the significance of CPEC for the economy and development of Pakistan?
- Is CPEC good for the real estate industry?
What Is CPEC?
China Pakistan Economic Corridor (CPEC) is a bouquet of projects. Many developmental and up-gradation projects including roads, rails, and industrial parks etc. are under construction since 2013. Further, as we have hinted earlier, CPEC was initiated in 2013 and the original value was $47 billion.
Over the time till 2020, the value reached up to $62 billion. Moreover, CPEC is not only beneficial for Pakistan and China, but it also has amazing potential for the region in particular and the world in general. The project is a journey towards industrialization and development and assurance for progress.
Likewise, the route of the CPEC starts from Gwadar Port in Baluchistan, Pakistan and runs throughout the country to connect other sectors with it including, Karachi, Peshawar, Lahore, Faisalabad, Multan, etc. and Karakoram Highway from Hasan Abdal. It leads towards the Chinese border, travels up to Southern Xinjiang in Kashgar and covers up to 3000 kilometers.
What Is the Importance of the CPEC of Pakistan and China?
CPEC is an important agreement between Pakistan and China. It will take trade and cooperation to the optimal level. Similarly, it will help the population of China and Pakistan to upgrade their lives by taking advantages of the project.
Gwadar Port is of great importance and it might be the economic hub for the region in upcoming times. Likewise, it reduces the distance for China to import oil and other raw material from the rest of the world. Also, it gives her a shortcut to Central Asian Republics (CARS) and vice versa.
On the other hand, for Pakistan, the CPEC is said to be a game-changer because it will improve the infrastructure of the country. Further, it will provide exposure for the industries to boom. Through power generation projects, the electricity shortfall will become minimum and the industry will grow.
What Is the Significance of CPEC for the Economy and Development of Pakistan?
The billion dollars project will add much to the Gross Domestic Product (GDP) of the country. As we discussed earlier, the importance of CPEC is undeniable. The project is infrastructure up-gradation centric, so it will improve by road economic activities in the country.
Furthermore, it will improve the trade between Pakistan and China and other countries. Also, India tried to sabotage the projects with malicious and cunning intentions, but the project is running in full swing and projects like energy, roads and rails, industrial, commercial is in progress.
Once, the project will complete, it will create various jobs opportunities for the people. Employment opportunities provide a chance for people to upgrade their lives positively.
Is CPEC Good For the Real Estate Industry?
The real estate industry is growing rapidly in Pakistan and providing livelihood to many people. With the ongoing projects of CPEC, the real estate industry will touch new heights of progress.
The reason behind this is that the CPEC will improve the infrastructure of the country and the real estate market links with that. Moreover, we see the importance of CPEC in Gwadar where several real estate projects already initiated.
To conclude in a nutshell, we can say that the CPEC will enhance trade and cooperation in the region. Although several countries are still reluctant to invest in the Billion Dollars project.
Last but not least, the world will ultimately connect through the CPEC and it will be responsible for progress and cooperation.
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