The China Pakistan Economic Corridor
The China Pakistan Economic Corridor (CPEC) is the largest uni-lateral investment from one country into another and consists of a bouquet of projects, presently under construction, at a cost of $62 billion. CPEC aims to improve Pakistani infrastructure and to deepen the economic and political ties between China and Pakistan. CPEC, besides being extremely advantageous to Pakistan, also carries substantial economic and strategic benefits for China. Its importance for China is evident from the fact that it is part of China’s thirteenth five-year development plan. CPEC will prove to be a strong knitting-factor between China and Pakistan who share a history of congenial strategic relations, over versatile canvass of mutual interest, extending over six decades. In the past 65 years both the countries have developed strong bilateral trade and economic collaboration. CPEC is China’s biggest splurge on economic development in another country to date. It aims over 15 years to create a 2000-mile economic corridor between Gwadar Port to China’s North Western region of Xinjiang through 2,700 km long highway from Kashgar to Gwadar, railway links for freight trains, oil and gas pipelines and an optical fibre link. The actualisation of this project will create over 700,000 new jobs and will add up to 2.5% to Pakistan’s annual growth rate.