Zhao Guobin, CPEC’s Council Executive Chairman, said that CPEC is the result of long-standing friendship of China and Pakistan and now will strengthen economic cooperation of both the two countries. CPEC is basically a collection of projects currently under construction aims to facilitate trade along an overland route through the construction of a network of highways, railways, and pipelines.
The officials of Pakistan predicted that the project has resulted in the creation of 700,000 direct jobs between 2015–2030, and this will add 2 to 2.5 percentage points to the country’s annual economic growth.
It has been recently announced on Nov. 26 that more than 100 Chinese companies are willing to invest in Pakistan under the China-Pakistan Economic Corridor (CPEC).
Chinese investment and CPEC:
The CPEC sketches a clear image of intensified and expanded bilateral cooperation at a time of rising Chinese geopolitical ambition and persistent concerns regarding the security and development of Pakistan.
The CPEC is intended to promote connectivity across Pakistan with a network of highways, railways, and pipelines along with the energy, industrial, and other infrastructure development projects to address critical energy shortages needed to boost Pakistan’s economic growth. The investment of Chinese companies will benefit beyond adding new capital and by setting up new businesses with respect to different markets. It will open up extra export opportunities, improving the overall import-export performance, thus it will also encourage competition by introducing new technologies to the market of Pakistan.