CPEC attracted $25.4b in 10 years: Beijing

CPEC has made tangible contribution to Pakistan’s national development, says Foreign Ministry spokesman Wang Wenbin

ISTANBUL:

Beijing revealed on Thursday that the China-Pakistan Economic Corridor (CPEC) attracted $25.4 billion in direct investment in the 10 years since being launched in 2014.

“The projects are creating 192,000 jobs, generating 6,000MW of power, building 510 km (316 miles) of highways, and expanding the national transmission network by 886 km (550 miles),” Foreign Ministry spokesman Wang Wenbin told reporters in Beijing.

Details regarding CPEC from China came in light of Prime Minister Shehbaz Sharif's acknowledgement of the “pivotal role” the infrastructure project has played in Pakistan's economic transformation.

Read more: CPEC creates 155,000 jobs for Pakistanis

CPEC, a part of China's Belt and Road Initiative, is a major economic and infrastructure project between China and Pakistan, estimated to exceed $50 billion which enables China to access the Arabian Sea through the Gwadar Port.

There have been discussions to include Taliban-led Afghanistan in the infrastructure project, and the administration has also resolved to make the country a transit hub between Central and South Asia.

“CPEC has made tangible contribution to the national development of Pakistan and connectivity in the region,” said Wang.

He said CPEC has established a "1+4" cooperation layout, “with CPEC at the core and Gwadar Port, transport infrastructure, energy and industrial cooperation as the key areas.”

“China is ready to partner with Pakistan to enhance the development of CPEC, following important agreements between the leaders of both countries, which aims to promote high-quality development, benefiting China, Pakistan, the region, and all nations involved,” Wang stressed.