CPEC 2.0: Govt to start work on five new economic corridors

Pakistan finished 50 projects worth $25b and secured $65b more for future infrastructure development

Pakistan and China will start work on five new economic corridors with the backing of the Special Investment Facilitation Council (SIFC), a joint civil-military body established by Pakistan last year to attract foreign investment, as reported by Radio Pakistan on Wednesday.

This initiative marks the beginning of the second phase of the China-Pakistan Economic Corridor (CPEC), a central component of China's Belt and Road Initiative. Pakistan has reported completing over 50 CPEC projects valued at $25 billion, with an additional $65 billion pledged for further infrastructure development in the country.

The new economic corridors are set to include the Innovation Corridor, Livelihood Corridor, Green Energy Corridor, Regional Development Corridor, and Employment Creation Corridor, according to the report.

However, these projects have faced challenges, particularly from militants in Balochistan, where China is developing the Gwadar deep-sea port and managing a gold and copper mine.

On Tuesday, Prime Minister Shehbaz Sharif indicated that recent attacks by separatist militants in Balochistan, which resulted in over 50 deaths, were aimed at disrupting CPEC development efforts in the province.

Beijing has previously expressed concerns about the safety of its nationals involved in projects in Pakistan, especially in Balochistan.

In March, six Chinese engineers working on a dam project in northwest Pakistan were killed, and Balochistan’s Gwadar port, operated by China, has also been targeted.