Under the China-Pakistan Economic Corridor (CPEC), 88 projects will benefit Pakistan with 2.3 million jobs by 2030, according to a report published by Gwadar Pro. Out of 88 projects, 28 are at different stages of implementation, 41 are in the pipeline that will be completed by 2030 while 19 projects have already been completed. CPEC Projects like hydropower plants, wind power plants, and the construction of special economic zones are under progress. The energy projects under CPEC will ensure economic growth by reducing load shedding in the country that would help in the reduction of the unemployment rate and poverty. The paperwork of the remaining 41 projects has been completed and approved. Although, the developmental work has not started yet due to financial shortfalls.
Roughly 40,000 Pakistanis and 7,000 Chinese are working on the various projects of CPEC during this pandemic including engineers, labors, and technicians. For the last 6 years, around 75,000 jobs have been created under CPEC for Pakistanis. CPEC is offering enormous opportunities to small and medium enterprises (SMEs) to reduce the lay-off rate in Pakistan. China is the biggest contributor to FDI in Pakistan with a net investment of $855.6 million under the framework of China Pakistan Economic Corridor (CPEC). In the World’s Bank Doing Business Report 2020, Pakistan was ranked 108th with the most notable economic improvements out of 190 countries.
Better transport infrastructure is increasing trade in Pakistan and the country’s trade can increase by 9.8% percent under CPEC infrastructural network, as per experts. CPEC will help in expanding economic activities and reduce unemployment in Pakistan.