- CPEC’s second phase will help Pakistan to address issues like the rise of inflation and depreciation of rupee against the US dollar.
- Agriculture, trade and Industrial Corporation is the focus of CPEC’s second phase.
- In the coming years Pakistan’s halal food markets will be able to generate revenue of around $3 trillion.
The first phase of the China-Pakistan Economic Corridor (CPEC) ends with the completion of foundation and energy projects. Apparently,CPEC’s support manages to overcome huge deficits of energy and transportation infrastructure.
According to the government of Pakistan before the CPEC Pakistan was going through the worst load on energy management. Due to the power shortages, the country was losing $4-5 billion every year. However, the social costs to society are not included in the estimated cost.
National Highway Authority (NHA) states that Pakistan needed $1.2 billion for the reconditioning of the transportation sector. In fact, the condition of transportation along with power shortage was the main reason for restraining the fast economic growth of Pakistan.
CPEC is now entering its second phase and it will help Pakistan to manage major issues like the rise of inflation and depreciation of rupee against the US dollar.
Second phase of CPEC is all about creating job opportunities
The second phase of CPEC is all about availing any chance and possibility to create job opportunities for citizens of Pakistan. However, Pakistan needs to work on the strategies that will help to gain maximum benefits from the second phase.
The focus of the second phase is to improve and develop agriculture, trade and Industrial Corporation. Therefore, the role of the industrialist, private sector and the business community could play a substantial role in the second phase while the government’s role is to act as a facilitator.
Promotion of SMEs
For job creation and trade, government should design a passageway for the development of small and medium enterprises (SMEs). In addition, inclusion of SMEs play a prominent role to reverse the economic downfall. Major exportable products of Pakistan come from SMEs.
The agriculture industry has the potential to immediately provide relief to the economic situation of Pakistan. Prediction says that in the coming years Pakistan halal food markets will generate revenue of around $3 trillion.
Furthermore, a report says that Pakistan could easily reach the figure of $4-5 billion with the help of the relevant strategies.