The $46 billion China-Pakistan Economic Corridor (CPEC) would be a “game-changer” for Pakistan as well as for the entire South Asia region, Prime Minister Nawaz Sharif said on Monday.
Addressing the inaugural session of CPEC Summit and Expo at Pak-China Friendship Centre here, Mr. Sharif said CPEC was a new approach in development based on shared goals and aspirations as it was based on a unique model of economic development and international cooperation.
‘Time to turn a new leaf’
“Our region has witnessed a lot of conflict and deprivation in the past. Time has come to turn a new leaf in the history of the region by bringing peace and prosperity and addressing the challenges of poverty, unemployment and underdevelopment,” the Prime Minister said.
“$46 billion is the economic value but the overall contribution and impact of CPEC would be much deeper and far-reaching,” he said.
Mr. Sharif said CPEC “will not only create a strong overland link between Pakistan and China but also give us opportunity to strengthen Pakistan’s own inland transportation and logistics infrastructure.”
Over $10 billion to be spent on railways
More than ten billion dollars will spent be on railway projects as well as rail infrastructure in Pakistan.
Similarly, CPEC will be addressing Pakistan’s energy crisis as projects worth $35 billion are envisaged in Pakistan in the energy sector.
He has said CPEC will enable Pakistan to benefit greatly from know-how, ingenuity, innovation and time-tested expertise of the Chinese industry.
The CPEC was launched in 2015 when Chinese president Xi Jinping had visited Pakistan.
The project involves several infrastructure and power generation schemes to link north-western China with Gwadar sea port in Balochistan.
