[DETAILS] CPEC projects progress update from last week

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CPEC updates
CPEC updates from the last week.

China Pakistan Economic Corridor is a collection of infrastructure projects under construction throughout Pakistan since 2013. As of 2020, the value of CPEC projects is worth $62 Billion.

The multi-billion initiative has been intended to rapidly improve Pakistan’s required infrastructure and sustain its economy by constructing modern transportation systems, numerous energy projects, and special economic zones.

Here are the CPEC updates from the last week (From the 16th of February to the 22nd of February)

Project Updates

Last week, Parliamentary Committee on CPEC was informed that work on the Gwader fencing project had been halted due to reservations expressed by various society segments.

It was also revealed that under the second phase of the CPEC, a model economic zone would be set up to captivate the overseas Pakistani and Chinese investors’

The Balochistan government started working on a PKR 20 billion project to declare Special Economic Zone (SEZ) at Gwadar as a tax-free zone under the CPEC to facilitate the local and foreign investors.

Political Updates

The Governor Balochistan, Amanullah Khan Yasinzai, said the completion of the China-Pakistan Economic Corridor (CPEC) project would not only end economic stagnation in the world but also make the entire region a hub of economic and trade activities.

The CPEC Authority Chairman, Lt Gen (r) Asim Saleem Bajwa, said that CPEC Authority would undertake more projects in Faisalabad after the Special Economic Zone’s successful launch, Allama Iqbal Industrial City.

The Pakistan Ambassador to China, Moin-ul-Haque, said that Pakistan welcomes other countries to participate in the CPEC, an emphatic project under the Belt and Road Initiative (BRI).

Economic Updates

Last week, Pakistan agreed to borrow $6 billion in both Chinese and US currencies for the largest project of CPEC. The country also softened its position on interest cost, as it seeks early finalization of a deal to begin construction on the rail project.

General Updates

The Parliamentary Committee on China-Pakistan Economic Corridor had recommended the viable proposals to open the Sust border for a whole year to increase the bilateral trade between Pakistan and China.

The Director of the China-Pakistan Study Center, Institute of Strategic Studies, Dr. Talat Shabbir, stressed the need to alleviate misconceptions among people about CPEC. The success of the scheme is vital for China, and its failure will adversely affect it.

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