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China Pakistan Economic Corridor (CPEC) is a fate changing developmental project not just for Gwadar, but for the whole of Pakistan. The Economic Corridor is a more than 3000 kilometers long route consisting of railway lines, highways, oil, and gas pipelines, starting from China’s Kashgar to Pakistan’s Gwadar which will be completed by the end of 2030. Furthermore, this mega project will boost up the economic status of Pakistan by providing countless employment opportunities. It will also help Pakistan’s agricultural sector which plays a central role in the economy as it contributes around 18.9 percent to GDP.
CPEC has been divided into multiple phases, starting from the developmental sector then energy and power sectors then moving towards the construction of Gwadar International Airport and the development of Gwadar Sea Port. Besides building new railways and highways, the extension of Karakoram Highway, and the placement of fiber-optic cable which will ensure better communication and monitoring of the project. A report was published recently stating that for the past 6 years CPEC has generated more than 70,000 direct job opportunities for Pakistani natives alone and offers huge opportunities to small and medium enterprises (SMEs) to prosper. The SME segment is the basic foundation of Pakistan’s economy; the CPEC will surely help their businesses grow and flourish in the future. As it is evident that the economy and employment rate has been hit hard by the ongoing pandemic situation, still CPEC would be a real game-changer in this crisis. As per the report, CPEC is expected to create around 700,000 employment opportunities until the completion of this mega project in 2030 and will contribute up to 2.5% points to the growth rate of Pakistan.
Major steps are being taken for the promotion of organic farming, as its demand has increased globally in the light of Covid-19. After the completion of CPEC, agriculture products would be expanded further. Under CPEC, the agriculture sector would enhance the export process and will provide easy access to different international markets providing massive opportunities for farmers. It will also be beneficial for the textile and cotton industry, enhancing its growth and export. Therefore, CPEC is one step closer to massive socio-economic development in the existing globalized world.