CPEC’s dividends

Pakistan is set to see industrialisation and production take roots & this is where the essence of bilateralism rests

In times of economic distress and turmoil, there is some news of consolation. Pakistan’s economic lifeline, CPEC, is gathering momentum, and a report says 27 projects worth $19 billion have been completed. This is a tribute to geo-economics, and one hopes the ‘Marshal Plan’ of South Asia will bring in dividends to not only Pakistan but the region at large. China’s vision to pour $58 billion investment in Pakistan in its infrastructure, energy and production realms is worth appreciating. It came at a time when international donors were irked to invest in Pakistan, and the economy nosedived. Likewise, the resolve that Beijing is eager to explore the aspect of interdependence in an era when competition and power blocs reign supreme makes it a win-win situation for Islamabad.

The report goes on to say that work on 63 more schemes worth $35 billion will be near completion by 2030. It is a promising statement, and underscores the consistency of both China and Pakistan to realise the corridor, which will promote connectivity with Afghanistan and beyond to Central Asia and Russia. Most of the projects are in the energy sector, and four of the nine Special Economic Zones earmarked under CPEC are in a take-off stage.

While the first phase of CPEC nears culmination, Pakistan is set to see industrialisation and production take roots, and this is where the essence of bilateralism rests. The industrial hubs mushrooming on the sidelines of a network of motorways will be in full bloom by 2025 on the heels of an investment of $500 million. The fact that the remaining five SEZs will see the light of the day by 2030 with an investment of $1 billion is simply laudable.

CPEC is in need of greater socio-political orientation, and this is where the debate of prosperity and connectivity kick-starts. While the desolate province of Balochistan is its theatre of activity, the resentment widespread among the locals deserves in-depth attention. Taking the locals on board in terms of employment and empowerment is indispensable. And this is where the success story of CPEC is pinned.

Published in The Express Tribune, September 18^th, 2022.

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