Agricultural progress, industrial growth and environmentally sustainable initiatives under China-Pakistan Economic Corridor (CPEC) will help strengthen the economy.
“Implementation of the CPEC phase-II projects will not only provide a cushion against the sluggish growth rate but also create job opportunities”, said Mahmood Khalid, Executive Director at the CPEC Centre of Excellence.
As per the WeathPK research, both China and Pakistan have pledged to revive phase II on the 10th anniversary of the CPEC – an important part of the Belt and Road Initiative.
The financial limitations of Pakistan have resulted in delays in the implementation of the CPEC projects.
“With a renewed commitment shown by Pakistan to facilitate the phase-II projects, the manufacturing and agricultural sectors will flourish,” he said.
“ML-1 project has a vital significance in the country’s infrastructure development, and its completion under phase II will improve connectivity and enhance intercity trade and commerce. The 1680km track will serve as a bridge among the provinces of Pakistan,” he said.
He highlighted the importance of phase II for making a transition to clean energy and its positive outcomes for Pakistan.
“Pakistan will have an energy mix comprising a large portion of renewable energy after completion of the projects, ” he said, adding that the scenario would help Pakistan reduce spending on fossil fuel imports for fulfilling energy needs.
In summary, the revival of phase II bodes well for fostering industrialization, advancing social development, expediting the growth of special free economic zones, and promoting the expansion of renewable energy initiatives within the country.
