CHINESE INVESTMENT INTO PAKISTAN
Declared by China’s President Xi as ‘the project of the century’, the One Belt, One Road Initiative (OBOR), will deliver an estimated $5 trillion worth of investment into the infrastructure of 52 countries.
OBOR will reinvigorate the old Maritime Silk trading route and increase connectivity between the Asian, European and African continents.
Pakistan is one of the 52 countries that will benefit significantly from OBOR, with the port city of Gwadar in a prime location for investment.
Launched in 2015, the flagship project of OBOR is the China-Pakistan Economic Corridor (CPEC). This will connect Xinjiang, China’s largest province, with Gwadar port, Pakistan in Balochistan.
CPEC is a collection of large infrastructure projects, including those in Gwadar, worth about $62 billion that’s going to improve economic ties between Pakistan and China. Although CPEC is still in progress, it has already helped Pakistan climb on the global competitiveness scale. Pakistani officials believe that CPEC can result in the creation of over 2.3 million new jobs till 2030. CPEC has a significant strategic and economic importance for China and Pakistan linking China with markets in South Asia and Central Asia.