CPEC project to spur huge trade, business and economic activities in Central Asian regions

China-Pakistan Economic Corridor (CPEC), the $46 billion project is the biggest overseas investment by China announced yet and the corridor is expected to be operational within three years and will be a strategic game changer in the region, which would go a long way in making Pakistan a richer and stronger entity than ever before.

The CPEC project would spur huge trade, business and economic activities in the southwest and central Asian regions. It will also spread positive light on the country’s industrial, trade and business activities, making the economy stronger, said Qaisar Shamas Guccha, Central Chairman of the Pakistan Yarn Merchants Association.

The importance of economic corridor could be judged from the fact that out of 51 agreements, work on eight had already begun and foundation stones of five had been laid.

The wide scope of the corridor could be reflected in hydroelectric, coal, solar and wind power projects on the one hand and Khunjerab-Gwadar road project and railway line, Karachi-Lahore Motorway, Metro Transit System, Iran gas pipeline and LNG terminal on the other. The economic corridor is considered central to China–Pakistan relations

In addition to this, China is also relocating its industrial units to Pakistan to save import expenses. The Chinese are establishing textile units in Pakistan to manufacture textile goods and export them from Pakistan.

The Pakistan Yarn Merchants Association insisted that the government to effectively control the mismanagement in energy distribution in the country in order to maximize productivity.

The CPEC project likely to help Pakistan turn into an economic hub.