Strategic Importance of CPEC: Prospects and Challenges

Abstract

The friendship between China and Pakistan has accentuated new bench mark with the culmination of China-Pakistan economic Corridor. A cluster of projects abbreviated as (CPEC) has opened new avenues of cooperation between the two countries. It is believed to be a game changer for Pakistan and Considerable impetus for the Chinese political system. Initially, China promised to invest US $45.6 Billion in this economic Corridor. Subsequently, the volume of investment reached US $62 billion in 2017. At present the quantum of investment ranges between $55b to $62b. CPEC consists of networks of roads, Railways, Development of Gawadar Port, Construction of special industrial zones and energy oriented projects. Gawadar Port and Kashgar City have been the connecting points of this project. The in depth study of CPEC has reflected certain challenges parallel to numerous benefits for both countries. The 3000 KM long route will ensure shortened trade pathway for China and great impetus to the bewildering economy of Pakistan. Besides this, concrete infrastructure, Pakistan will get 10400 MW electricity in short term Goals and further 22000 MW in long term targets of CPEC. This research paper aims to study the prospects and potential challenges associated with this corridor for both China and Pakistan. The strategic importance of CPEC has been unearthed as well. Qualitative research design with historical/Analytical approach has been employed to study the central Theme.