ISLAMABAD
\nThe CPEC which has completed ten years of its inception presents a great example of Pakistan-China friendship and is successfully contributing to Pakistan\u2019s economic recovery and development.
\nFormally launched in 2013, the China-Pakistan Economic Corridor (CPEC) marked the flagship project of China\u2019s Belt and Road Initiative (BRI). China has promised investments through CPEC totaling $62 billion.
\nOn this occasion, a report titled \u201c10 Years of Belt and Road Initiative-China-Pakistan Economic Corridor (CPEC)\u201d was released as China and Pakistan are celebrating the 10th anniversary of the BRI and also the 10th anniversary of the launch of CPEC, a BRI flagship project.
\nUnder the BRI projects, China prioritized environmental and social benefits in addition to providing loans.
\nFrom 2013 to 2022, the total value of imports and exports between China and various BRI partner countries averaged 6.4%. With the annual growth rate reaching US$19.1 trillion.
\nThe major projects under CPEC that are underway in Pakistan include the Peshawar-Karachi Motorway (Sukkur-Multan 2nd), Karakoram Highway Phase 2 (Havelian-Bathakot 2nd), and the projects of Lahore Orange Line Metro.
\nIn terms of transportation infrastructure, over 90% of Pakistan\u2019s passenger traffic and around 96% of freight movement are primarily dependent on road transport. The mileage of completed and ongoing motorways under CPEC is 1,622 kilometers, accounting for approximately 40% of the total mileage of Pakistan\u2019s motorways.
\nThe Motorway network in Pakistan links different parts of the country to the three main ports which include Karachi Port, Port Bin Qasim, and Gwadar Port, improving Pakistan\u2019s cross-border trade efficiency.
\nThe report points out that thanks to the infrastructure construction under CPEC, Pakistan\u2019s business environment has seen continuous improvement, and the industrialization of the country has been significantly enhanced.
\nThe projects of coal-fired power plants in Sahiwal, Port Qasim, Thar, and Hub under CPEC are working continuously.
\nRashakai Special Economic Zone has reached the stages of comprehensive development.
\nGwadar Port in Pakistan is setting new milestones of development under the CPEC.
\nUnder CPEC, China has launched a \u201csingle window\u201d operation with Pakistan and other partner countries to improve the efficiency of customs clearance at border ports. K2 and K3 units of the Karachi Nuclear Power Plant are being built using China\u2019s Hualong nuclear technology.
\nCPEC has boosted the development of industries such as energy, infrastructure, agriculture, and textiles in Pakistan, making significant contributions to Pakistan\u2019s economy.
\nSince the launch of CPEC in 2013, China has become the largest source of investment for Pakistan for 10 consecutive years with $25.4 billion investment in direct projects in the country. Among them, investment in the energy sector accounts for 68%, making it one of the areas with the largest investment, the fastest progress, and the most significant achievements under CPEC.
\nAs of the end of 2022, completed power projects under CPEC account for 1\/4 of Pakistan\u2019s power generation, and the compound growth rate of power generation has jumped from 2.7% in pre-CPEC period to 7% during post-CPEC period.
\nCPEC Power plants provided cheaper electricity by utilizing Thar coal reserves. This reduced Pakistan\u2019s oil and gas import bill burden.
\nThe Large-Scale Manufacturing Index (LSM) has increased by 43% in the past 10 years.
\nIn terms of China-Pakistan industrial cooperation, the textile, automotive, and mobile equipment industries in Pakistan have benefited the most.
\nChinese companies have invested in Pakistan\u2019s textile industry through acquisitions or setting up factories, driving its textile exports to grow by approximately 4.4% annually over the past 10 years. Since 2016, multiple Chinese mobile device brands such as Oppo and TECNO have built 29 manufacturing factories in Pakistan, bringing $126 million in investments, promoting a 74-fold increase in local production of mobile devices.
\nAs CPEC enters the second phase, substantial achievements have been made in China-Pakistan agricultural cooperation, and multiple advanced Chinese agricultural technologies have been promoted in Pakistan.
\nMore and more Pakistani farmers are adopting China\u2019s maize soybean strip intercropping technology. This technology will help Pakistan reduce soybean oil imports thus saving its foreign reserves.
\nHybrid Wheat seed yields 40% higher per acre than conventional varieties which will help Pakistan overcome shortages due to floods and resume wheat exports like in 2011-2013.
\nIn addition, the University of Punjab and Wuhan University are collaborating to develop high-yield hybrid rice varieties to boost Pakistan\u2019s rice exports.
\nOver the past decade, CPEC has opened doors for the economic and social welfare of Pakistan through the creation of jobs, exchange of personnel, poverty alleviation and various relief projects. CPEC has created approximately 192,000 jobs for the Pakistani people.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The CPEC which has completed ten years of its inception presents a great example of Pakistan-China friendship and is successfully contributing to Pakistan\u2019s economic recovery and development. Formally launched in 2013, the China-Pakistan Economic Corridor (CPEC) marked the flagship project of China\u2019s Belt and Road Initiative (BRI). China has promised investments through CPEC totaling […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-361426","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"\n