China-Pakistan Economic Corridor, the game changer

The China-Pakistan Economic Corridor (CPEC) is a fusion of multiple developments in the global, regional, bilateral and domestic contexts. The ultimate objective is peace, prosperity and well-being of the people of the two countries, the region and the world.
Recently, both the Pakistan and ghina Governments have made a conscious effort to focus on expanding the economic dimension of the relationship and bringing it up to par with the excellent cooperation between the two countries at the strategic and political level. This impetus towards enhancing economic and trade cooperation has gained strength since the near-simultaneous change of leadership in China and Pakistan. The new governments in both countries signalled their commitment to strengthening Pakistan-China relations very early in their terms of office.
CPEC is a win-win situation for both the countries. Through this mega project, Pakistan will become the hub of business and trade in Asia, and Western China will penetrate into Asian and European markets.
The current regime is making the right move by strengthening its economic ties with China and that this is one of the most significant agreements signed between Pakistan and China till now, and it would stretch the depth of their bilateral strategic relations.
This project is not a game-changer but a fate-changer for Pakistan and for the prosperity of three billion people of the region. We are doing it for socio-economic benefit of the people of Pakistan and China. China would pump USD 54 billion up to 2017 and beyond into a host of projects that would ultimately generate billions of dollars besides creating numerous job opportunities. The economic corridor will not only connect Pakistan and China, but will prove beneficial in connecting Pakistan with its neighboring countries in the Western border area. Functioning of the corridor will open a new vista of development prosperity as a result of which the national economy will grow fast, lead to creation of new job opportunities, poverty reduction, and development of transportation sector and boost industrial growth. CPEC is a comprehensive package of cooperative initiatives and projects, which covers key areas including connectivity, information network infrastructure, energy cooperation, industries and industrial parks, agricultural development, poverty alleviation, tourism, financial cooperation as well as livelihood improvement including municipal infrastructure, education, public health and people-to-people communication.
With the experience to be gained in the process of project construction and improvement of the local economy and security conditions, CPEC will not only benefit entire Pakistan but will also contribute to regional peace, stability and prosperity It is estimated that about 3 billion people from China, South Asia and Central Asia, would be benefited from the economic corridor. It has the potential to empower half of the world's population living in Asia, by developing special trade routes between China and Pakistan.
The CPEC will link Kashghar in Western China with the deep sea Port in Gwadar, Pakistan through a mesh of communication networks comprising of a world-class seaport, commercial sea lines, an airport, highways, railways, fibre optic cables as well as oil and gas pipelines. For China, CPEC is part of a wider 'One Belt, One Road' strategy to develop its western region and link the Silk Route Economic Belt to the 21st Century Maritime Silk Route.
CPEC will cater to the needs of all the federating units of Pakistan through extensive rail and road network and multiple projects in energy sector. The Corridor project comprises of modern highway and railway transportation system; linking Kashgar in West China, to Khunjrab in the north and onwards to Karachi and Gwadar in the south of Pakistan through multiple routes. Energy sector has been assigned top priority to help Pakistan overcome energy shortages in order to achieve higher growth rates for speedy development.
Both countries have finalized plans to add 10,400 MWs of electricity capacity through early harvest energy generation projects spread all across the country to be completed by the year 2017/18, and another 6,645 MWs of projects for energy on the actively promoted list. All energy projects will be on commercial basis in investment mode. After completing all the requisite regulatory and other facilitation requirements, the two sides are nearing financial close for 200 MW wind power projects, 5,580 MWs of coal-based power generation projects, 1,590 MW hydro- power projects, 1,000 MW solar projects and 3.8 MTPA coal mining projects.
Gwadar Port Project is the centrepiece of Pak-China Strategic Partnership with its strategic location and potential for becoming the future economic and energy hub. The cluster of projects under CPEC will transform it into one of the world's leading port cities having top-class commercial and tourist facilities, integrated infrastructure and investment opportunities. This will make Gwadar a catalyst for development of the Makran Coast and Baluchistan in particular, and Pakistan in general.
CPEC will benefit all provinces and bring peace, harmony, cooperation and economic development in the entire country. The provincial capitals Quetta, Peshawar, Karachi, and Lahore are all major nodes of the project, whilst less-developed regions of the country including FATA, KPK, AJK, Gilgit-Baltistan, South Punjab, Thar in interior Sindh and Gwadar in Baluchistan, will be brought into the folds of active development. Harnessing the wealth of hitherto untapped coal reserves for the last 67 years in drought-ridden Thar will transform it into an energy capital of the world.

Dr. Ahsan Iqbal is Pakistan's Federal Minister for Planning and Development