China-Pakistan Economic Corridor (CPEC) is biggest achievement and effective agreement between Pakistan and china. CPEC is refereed as innovative project also a big achievement for Pakistan and also a beneficial for china. There are many special economic zones developing in Pakistan but nowadays, COVID-19 is increasing rapidly in Pakistan. Extremely a very bad situation of Pakistan economy as well as global economy due to this pandemic situation. Coronavirus effects many business and major flagship project CPEC development due to shortage of workers.
During developing there are many internal or external challenges between china and Pakistan towards CPEC project and industrial zones other than coronavirus. The route is 2000 km long starts from kashgar (north western China) to Pakistan Gwadar. This route has various economic industrial zones, energy plants, infrastructure routes and cable connections. They proposed 37 economic zones in Pakistan but only 9 economic zones are prioritized to be established.
This all development and innovation is will highly effective for economic steadiness but there are some many challenges faced by china and Pakistan between CPEC project such as energy shortage and infrastructure projects. Due to COVID-19 economic zones are delay in time just because of shortage of workers and some restrictions levied by government. Government of Pakistan allows labour to work in a project area of cpec. The future expectation of both countries are very big in count in case of development and innovation. Pakistan is also importing innovation from china with a help of various projects. CPEC is game challenger project for Pakistani and its project worth is $64 billion. CPEC is overcoming challenges for making more innovating the corridor between Pakistan and china.
Pakistanis is still underdeveloped country and seeking more innovation from china through cpec. CPEC is a great opportunity for Pakistan to enhance the economy development in a right way and boost the infrastructure and energy sector. CPEC is a part of One Belt One Road (OBOR) the global project of Xi Jimping. CPEC helps to china to trade with global regions of east and west routes.
As we all know CPEC is an innovative Project between China Pakistan, firstly I have figure out issues between CPEC project, actual need of development, project orientation, unemployment, education sector, water shortage, energy issues, development projects such as energy and infrastructure and direct and indirect pressure from US. There are some other development challenges faced by China, they are not listed yet likewise in Gwadar infrastructure.
The status of China economy is very popular in Asia as well as whole world. China has the established economy like the US, according to the various researches china would overtake US to be most famous economy in the next some years. China main focus on technological innovation in Pakistan while developing CPEC so with the help of innovation Pakistan will adopt many innovation from China.
The energy projects as whole will addition 10440 megawatts to maintain the capacity. Estimated cost will be $ 15.5 billion for electricity generation. In second round, another megawatt about 6600 added in project to generate more electricity and it cost around $ 18.3 billion. After completion of all energy projects energy generation will be boost up compared with previous electricity generation. Some energy project delay due to corona virus because of work delay but Government of Pakistan and china take preventive measures and overcome this issue of labour force. After these energy projects, production will boost economic growth for better production as well as economy.
Infrastructure projects are very important for Pakistan and china off course to maintain trade and routes to kashgar to Gwadar and other Asian countries as well. Big infrastructural projects are proposed and are in advancement which will add around 3000 Kilometers to the current street combined with the railroad lines along the course. We will get the “national network” which incorporates the availability among nodal urban areas (Peshawar, Islamabad, Hyderabad, Karachi, Gwadar, Sukkar, Quetta, Lahore and Faisalabad), provincial urban mergers and it’ll additionally make the new urban zones.
CPEC gives a number of possibilities out of which economic development is of primary importance. The large influx of investments will work as a strong monetary incentive for Pakistan government and social sectors to encourage business to enhance the foreign investment in Pakistan with the help of economic development, that allows you to now not only benefit Chinese traders engaged in CPEC, however will also gain all foreign investors in Pakistan. Improvement in industry sector also created more employment for people. It also reduced the financial burden and social threats.
CPEC is association numerous locales and could add to the further integration of South Asia. The center rationale of CPEC is to development framework to encourage interconnectivity. The venture is required to interface numerous nations China, Pakistan, Afghanistan, Iran, and Central Asian nations together, incorporating a market of two billion individuals and balancing out the district. CPEC will enable South Asia to appreciate the full advantages of district wide exchange, extending from Iran to China.”
China is one of the biggest economies and also has beaten “US” in many things even facing coronavirus pandemic conditions but he will beat completely after some years so due to this there are many security threats to china projects like CPEC and BRI. Security threat is for both countries, especially Pakistan have many threats due to terrorism, extremism, political parties, Tereek-e-Taliban, Balochistan Liberation Army (BLA), Lashkar-e-Taiba other militants; all these parties and international forces are creating issue to stop this mega project CPEC. They basically don’t want to promote development in Pakistan. Hopefully China will overcome this issue with the help of Pakistan’s cooperation.