CPEC REVIVAL: A BLUEPRINT FOR A TRANSFORMATIVE FUTURE

As the dust settles after the recent elections and the formation of government, CPEC is set to make a well-deserved return. The government has declared its intention to create five new economic corridors, which are sub-projects inside the larger initiative.
Five new economic corridors are being established during the second phase of CPEC: including corridors focused on growth, employment, innovation, renewable energy, and inclusive regional development. These initiatives serve as vital drivers of economic expansion, fostering innovation, connectivity, employment generation, and sustainable development. Therefore, Pakistan can lay down a blueprint for a transformative future.
Since its inception in 2013, CPEC has been progressing with a focus on extensive consultation, joint participation, and shared benefits. As a result, both countries have made significant progress in the early stages of the project.
This development has significantly bolstered Pakistan’s economic and social progress while also establishing a solid groundwork for regional integration and connectivity. It serves as a clear demonstration of the enduring Sino-Pakistani friendship. Both nations have broadened their areas of cooperation under Phase II of CPEC to include science and technology, rural revitalization, agricultural development, and industrialization, in addition to green development and agricultural development.
Significantly, these objectives are in line with Pakistan’s current emphasis on swift industrialization and agricultural advancement as part of the Special Investment Facilitation Council (SIFC) vision. CPEC can facilitate the revitalization of Pakistan’s economy and establish a foundation for sustained development.
China has offered to Pakistan to engage in collaborative efforts across many allied and sub-sectors of agriculture, including the entire spectrum from production to the exchange of commodities. It has expressed its willingness to make investments in the modernization of Pakistan’s agricultural production sector. Furthermore, there has been a demonstrated inclination towards collaboration in the input sector, encompassing activities such as seed and fertilizer manufacture, agricultural machinery, and manufacturing. Both countries have entered into several MoUs in the domains of research and scientific cooperation.
Moreover, Pakistan can benefit from China’s expanding food industry. Food imports into China increased from $14 billion in 2003 to $140 billion in 2023, indicating the country’s booming market. China has announced its interest in importing meat, rice, onions, and processed foods, giving Pakistan the chance to take advantage of the food market’s potential.
In addition to these domains, Pakistan can benefit from new opportunities created by BRI. For instance, at the third BRI Forum, President Xi unveiled a new project. China will invest in minor projects that benefit people’s lives and the environment. Pakistan’s Green Initiative (GPI) aligns with this idea. Pakistan can explore prospects in the e-commerce and digital economy sectors, which are large markets that can open up new channels for the business community.
SIFC’s mandate comprises five key sectors, including energy, military manufacturing, information technology, agribusiness, and minerals and energy. SIFC functions as an extension of CPEC by leveraging its communication networks and infrastructure to attract FDI. It aims to enhance the agricultural sector through the implementation of cutting-edge farming methods, technology, and enhanced irrigation infrastructure. To cultivate latent potential and attract investments, SIFC has implemented various steps aimed at establishing a sustainable environment. These measures include cross-sectoral policy interventions, the development of human resources, and the improvement of infrastructure. Furthermore, it facilitates digital transformation by positioning Pakistan as a global IT hub.
SIFC has implemented a streamlined visa policy for foreign businessmen and entrepreneurs Therefore, it elevated the standard of economic interactions with friendly nations. By synergizing efforts, SIFC’s initiatives in promoting sectors such as agribusiness, attracting foreign investment, advancing technology, and facilitating defense collaboration can complement the broader objectives of CPEC, leading to enhanced economic prosperity and regional development. This partnership not only maximizes the utilization of resources but also ensures a coordinated approach towards achieving shared goals, ultimately contributing to the long-term socio-economic advancement of Pakistan and the region.
Incorporating third-party participation in CPEC would not only enhance the outcomes but also stimulate socio-economic advancement in Pakistan and the surrounding area. Pakistan and China will both embrace the participation of any third party, as CPEC is an open corridor. The prospective expansion of the corridor to Central Asia and Afghanistan can facilitate regional economic integration and enhance cross-border connectivity. Enhanced regional connectivity has the potential to foster cooperation and harmony in the region by facilitating mutual prosperity and stability.
As the curtains draw on the China-Pakistan Economic Corridor, its significant influence on Pakistan’s economic growth and the strengthening of diplomatic relations between China and Pakistan cannot be overlooked. CPEC continues to exemplify cooperation and mutual benefits, showcasing noteworthy accomplishments in the realms of infrastructural advancement, energy endeavors, industry partnerships, and fostering meaningful interpersonal interactions. By fully capitalizing on the prospects offered by CPEC, Pakistan can establish itself as a pivotal hub for regional trade and economic exchange, thereby promoting stability and affluence across the region. With the commencement of the subsequent phase of CPEC, the prospects for ongoing revolutionary collaboration between China and Pakistan are immensely auspicious, heralding a period of enduring friendship and mutual prosperity. It is time for immediate action and collaboration to materialize these plans. In addition to vision, the success of these corridors relies not only on their vision but also on their implementation through transparent governance and efficient processes.