China Pakistan Economic Corridor (CPEC) An analysis of Economic and Employment opportunities
Author(s)
Azhar Khan , Farah Nadir , Dr. Seema Gul ,
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Abstract
CPEC refers to China Pakistan Economic Corridor. CPEC is an achievement of the mutually beneficial relationship coined by the huge chunk of investment to be made by China and cooperation and coordination promised by Pakistan, initiated with the signing of Memorandum of Understanding between the two states. It is one of the biggest initiatives and investment by China in any neighboring country, and the estimated cost is expected to be US$ 46 billion along with the completion by 2030.Cultural centers and student exchange programs are also under consideration by both the countries to improve the cultural ties and to spread the positive vibe among the people of the two nations. The aim of this research was to gauge the benefits and challenges of the China Pakistan Economic Corridor (CPEC). Similarly, the objectives of this research included: Understanding the relationship between the two countries: Pakistan and China, to document the different benefits that each country would gain from CPEC (individually as well as collectively), estimate the employment opportunities that underlie in the completion of CPEC, and, understand the document challenges that are faced by both countries while marching towards the success and completion of CPEC. China has provided the required support to Pakistan to improve its war and defense capabilities in the form of missile and artillery advancement along with fighter jets production facility as well as in the economic sector. With the successful completion of the project, China would exploit its potential by improving its economic activity in the western and northern region. Pakistan is considered as an Agricultural Economy, with a substantial foreign exchange made on its export, the project would help in industrialization and provide an extra source of foreign exchange. Sources have claimed that CPEC generates direct employment by 20,000 and indirect employment by 60,000; numbers which are expected to accumulate to about 700,000 jobs in the long run. The Planning Committee’s data shows even more promising results with CPEC generating around 800000 jobs in the next 15 years. The main challenges for CPEC include the security threats, division among the provinces, external issues with neighboring countries, financial constraints of Pakistan and the environment of political instability. The projects include investments in road structures, communication, and energy projects to execute the overall plan. Investment to be made in all possible energy generation projects of Coal, Hydel, Wind, and Solar to improve the operational capacity and economic activity to be conducted, the majority to be made in coal projects. It’s a golden opportunity for the people of both the countries and many waves of economic development are going to flood into our country.
Keywords
CPEC, Economics, Gwadar, Job’s, China, Pakistan.
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