Initiation of the project, CPEC has brought drastic economic and development prospects into the country
ISLAMABAD: Since the initiation of the project, CPEC has brought drastic economic and development prospects into the country along with rumours of a possible Chinese economic takeover. However, as much as the government tries to clear the air over the alleged negative aspects of the project, certain events point at the uncertainty surrounding it.
A few days ago, the government refused the use of Chinese currency in the Gwadar Economic Zone in a bid to protect its sovereignty as an independent state. This stance taken by the government was much lauded. However, prior to that the government was criticised over the employment of Chinese workers in CPEC-related projects as it implies that the economic benefit will be taken by the investor economy.
Adding to the ambiguity surrounding CPEC, Senator Mushahid Hussain Syed highlighted the unwillingness of other economies to invest in Pakistan. This further reiterates the extent of Pakistan’s dependence on China. In fact, the senator’s statement also points at the weak government policies targeting trade and investment from other countries.
Although we can’t deny the benefits the Chinese investment has bought to the country, we need to realise that reliance on one country is equivalent to giving up on trade with others, especially in sectors where Pakistan has advantage.
Ahmed Raza
Published in The Express Tribune, November 29th, 2017.
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