As Shehbaz Visits China, the Hope and Unfulfilled Promise of CPEC

As Shehbaz Visits China, the Hope and Unfulfilled Promise of CPEC

Pakistan’s Prime Minister Shehbaz Sharif’s recent visit to China has renewed interest in the China-Pakistan Economic Corridor (CPEC), a flagship infrastructure project under China’s Belt and Road Initiative (BRI).

CPEC was launched in 2015 with the ambitious goal of transforming Pakistan’s economy by building transportation networks, energy plants, and industrial zones. However, progress has been slow and the project has faced challenges such as security risks, cost overruns, and environmental concerns.

Hope:

Improved infrastructure: CPEC aims to upgrade Pakistan’s transportation, energy, and communication systems, which could boost trade and economic activity.
Job creation: The project is expected to create millions of jobs during construction and operation, reducing unemployment.
Economic diversification: CPEC includes plans for industrial zones and investment in new industries, aiming to diversify Pakistan’s economy and reduce its dependence on agriculture.

Unfulfilled Promise:

Despite the potential, CPEC has struggled to deliver on its promises due to:

Security risks: The project runs through areas affected by terrorism and instability, increasing construction costs and delays.
Cost overruns: The original cost of CPEC was estimated at $46 billion, but it has since ballooned to over $80 billion.
Environmental concerns: Some projects have raised questions about their environmental impact, especially those involving coal-fired power plants.
Debt concerns: Pakistan has borrowed heavily from China to finance CPEC, raising concerns about its ability to repay the loans.

Future Outlook:

The success of CPEC depends on addressing the challenges it faces. Both Pakistan and China need to work together to improve security, ensure financial sustainability, and mitigate environmental risks.

China has reaffirmed its commitment to CPEC, but it is important that the project is adapted to changing circumstances and that both countries maintain a realistic approach to its potential.

While CPEC has the potential to transform Pakistan’s economy, it is crucial to ensure that it is implemented in a sustainable and transparent manner to avoid unfulfilled promises and maximize its benefits.