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CPEC 2.0 to Go Ahead

The Pakistan Prime Minister, Imran Khan, recently had stated his commitment to the completion of the ambitious China-Pakistan Economic Corridor (CPEC) at “any cost” as the $60 billion projects is the progression of the continuing friendship between China and Pakistan. CPEC is about Pakistan’s socio-economic development as it is about the political relationships between the two countries.

The hugely important Gwadar Port is one of the biggest infrastructure projects for Pakistan and China under the Belt and Road initiative. Gwadar and other developments in the area, including the Gwadar Freezone is expected to attract investors from all over the world turning it into a major international trade and transport hub for Pakistan.

Experts also believe that the China-Pakistan Economic Corridor (CPEC) will be a game-changer for Pakistan overall.

$11bn worth of projects have been signed between June and July of this year. With the launch of two hydro power projects in Azad Kashmir and plan to revamp the South Asian nation’s colonial-era railways. It is said that the multi-billion-dollar to reinvigorate CPEC after the short delays caused by the ongoing pandemic. CPEC 2.0 begins here and now!

The government is working on the CPEC Authority Bill 2020 which will empower the working authorities and assist them in removing any potential roadblocks ensuring timely completion of all ongoing CPEC projects.

Despite the hurdles, major work on the first phase has progressed smoothly. Any change in political dynamics of the region has had minimal impact. The target of the first phase was to close the logistics and energy gaps in Pakistan with many projects completed and the rest are in different stages of development.Commenting on the latest news,

Mushahid Hussain Syed, chairman of the Senate foreign relations committee said the following:

“The graduation to the second phase may not be swift, but the interaction between Pakistani industries and State started in 2019. It spanned industrial, trade, and social development sectors, involving greater participation of the private sector and civil society organizations in both Pakistan and China.

The second phase may be less capital-intensive, but it is more complex. Besides, the IMF and FATF affairs did consume the PTI government’s attention in 2018-19 and the health emergency sapped its energy and resources in the first half of 2020.

As for the Gwadar port, it is a centerpiece of CPEC. Its development is transformative for Balochistan and its people.”

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