The second phase of the China-Pakistan Economic Corridor (CPEC) is set to accelerate socioeconomic development in Pakistan, WealthPK reported.
The official launch of CPEC about seven years ago has taken the seven-decade-long relationship between Islamabad and Beijing to a new level, enhancing their strategic partnership and cooperation in almost every field.
Through Chinese investment and the transfer of technology, the CPEC Phase-II aims to accelerate socioeconomic development in Pakistan by bringing industrial, technological, and agricultural revolutions to the region.
The second phase of the bilateral framework agreement focuses on poverty alleviation through agriculture and industrial cooperation.
The two countries have formed new Joint Working Groups (JWGs) for investment and cooperation in science and technology, information technology and agriculture.
The CPEC vision for Pakistan is to fully exploit the country’s demographic and natural endowment by expanding its industrial capacity through the creation of new industrial clusters, while balancing regional socioeconomic development with domestic peace and stability. The vision is to elevate the status of South Asian and Central Asian countries in the global economy, and to promote regional economic integration through stable trade growth.
The CPEC’s multiple societal advantages include increased access to markets, educational networks, and social connections; the bridging of social divides and prejudices; and, most crucially, the alleviation of social exclusion.
The Technical Vocational Institute of Gwadar is the first-ever modern vocational and technical training institute being built in the port city with Chinese funding. The institute is expected to accommodate 256 trainees at a time, and provide training opportunities to at least 1,000 people every year. This project will enhance the skills of the local population to participate in the growth of the city.
