ISLAMABAD: China-Pakistan Economic Corridor (CPEC), being termed as game changer is focused to help Pakistan improve its economic growth from 4.5 to 8 per cent by turning it into a hub of trade and investment.
Some experts in the field believe its fruition can make Pakistan to become one of the top 25 economies of the world.
The Chinese President during his upcoming official visit to Islamabad,would formally inaugurate this mega project worth US$ 45 billion.It would further cement the existing bilateral trade and investment relations.
This project is backed by political forces in the country as it is considered a milestone for the future regional integration.
Traders, business community and economic experts also believe that the historic project between the two friendly countries would leave a lasting impact on geo-economic position of the two countries.
Hailed as a project of an immense potential, the business community said it would bring economic uplift in the country.
President Islamabad Chamber of Commerce and Industry (ICCI), Muzamil Hussain Sabri billed CPEC as the biggest economic project which would impact positively on local economy and the whole region.
He said that CPEC is an under-construction development project which would link Gwadar Port to China with network of highways, railways and pipelines adding that the route would be used as a primary gateway for trade between China and the Middle East and Africa.
“The project would not only be a way for economic prosperity of Pakistan but would aslo be beneficial for the people around the globe as about 3 billion people from China, South Asia and Central Asia, would benefit from this project”,he added.
He said that it would also change the foreign investment scenario of the country as it would lure in other investorsa as well.
Besides creating job opportunities it would open many new avenues of investment in infrastructure sector development, energy generation and would generate production activity in the country, he added.
The ICCI head said that business community fully supported the initiative of the two countries and were waiting for its early completion which would boost business activities in the two countries.
Replaying to a question he said that the CPEC project would have multiple benefits for the exports of the country as cost of transportation will be reduced and road links would also enable easy access of agricultural products’ exports to Central Asian States.
Muzamil Sabri said that recent visit of Chines President to Pakistan would further strengthen the bilateral diplomatic, trade and economic relations.
Cooperation in energy sector would bring a sort of revolution in trade and industrial sector of the country.
Both the countries are committed to enhance their cooperation in different source of energy generation, he added.
Commenting on the project, Senior Research Fellow, Islamabad Policy Research Institute (IPRI), Muhammad Munir said that the project has four pillars including energy, infrastructure, roads link, industrial parks and trade enhancement through land and sea ports.
He said that it would link the region with energy rich Central Asian States through Gawdar which would help in addressing the energy issues for rapid industrial growth in the country.
The CPEC project would be completed at an initial cost of $ 45.6 billion where over $ 30 billion would be spent on energy development projects and $ 11.8 billion on infrastructure as well as on road links, he said.