The construction of China-Pakistan Economic Corridor (CPEC) and special economic zones is a catalyst for Pakistan’s industrialization, which is promoting the transfer of China’s manufacturing industry to Pakistan and pushing Pakistan’s development onto a fast track, Cheng Xizhong, Special Commentator of China Economic Net and Visiting Professor at Southwest University of Political Science and Law said on Monday.
So far, remarkable success has been achieved in the CPEC development. It is mainly manifested in three aspects: First, the governments and enterprises of China and Pakistan are very satisfied with the progress, which shows that the cooperation between both sides is close and the corridor construction is progressing well.
Second, Pakistani Prime Minister Imran Khan said recently that the corridor is a declaration of friendship between China and Pakistan and an excellent project for Pakistan’s economic and social development. He also said that Pakistan should complete the corridor construction at all costs. In the past, there were different voices in Pakistan on the construction of the corridor. Now, from the federal government to the local governments, from political parties to the public, they are on the same page. They highly appreciate the great achievements of the corridor construction.
Third, the construction of corridor projects is progressing well. In the first phase, 90% of the 22 major projects have been completed and put into operation, and the rest will be completed within a few months, he said in his article published by China Economic Net (CEN) here.
The Pakistani government has recently approved the upgrading and reconstruction of the 1726 km long ML-1 trunk railway under the CPEC framework. The development of the ï¼”7.2 billion project is of great strategic significance to Pakistan’s national transportation and economic development.
After this project is completed, the new railway system will play an important role in the transportation of goods and passengers. Highway transportation is not only high cost but also time-consuming, but railway will promote social and economic development with more cost-effective and efficient transportation mode, and drive economic activities, especially agricultural economic development in remote areas.
Experts predict that after the completion of its construction, CPEC will contribute 21% to Pakistan’s GDP growth, promote the industrial growth of Pakistan by 58%, and its tax contribution to Pakistan will be hundreds of billions of US dollars.