‘CPEC attracted $25b investment in 3 years’

Consul general says accomplishments make it prime avenue for investment

KARACHI:

In a significant milestone for the China-Pakistan Economic Corridor (CPEC), Yang Yundong, China’s Consul General for Pakistan, highlighted the substantial achievements of the project, citing an impressive investment of $25.4 billion in Pakistan over the past three years.

During a press conference held on Wednesday, Yundong underscored the project had witnessed remarkable accomplishments, particularly in the energy sector, solidifying its significance as a prime avenue for investment cooperation.

The Sukkur-Multan Motorway, a flagship transport infrastructure venture under CPEC, has significantly cut travel time between the two cities from 11 hours to just 4 hours, while the Pakistan China Rail Track ML1 has also made noteworthy strides.

The consul general stressed the importance of mutual consultation, shared benefits, and partnership between China and Pakistan in advancing the CPEC agenda. He highlighted that 36 projects within the initiative had been either completed or were currently under construction, generating a total income of $17.55 billion, along with $2.12 billion in tax payments.

The economic impact has not only boosted the economy but has also resulted in the creation of over 236,000 jobs. The energy sector, a focal point of the CPEC framework, is contributing 8,000 megawatts of electricity and expanding highways by 510km, accompanied by 886km of national core transmission lines.

Yundong also hailed the progress at Gwadar Port, featuring versatile berths capable of hosting 50-tonne ships. Within the energy sector, 14 projects have taken centre stage. Notable milestones include the completion of the Lahore Orange Metro Line, a game-changer for public transportation.

Published in The Express Tribune, August 10^th, 2023.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.