BSc BA ADP FSc ICS FA ICom English Essay Impact of CPEC on Pakistan's Economy / China Pakistan Economic Corridor With Outline & Quotations Essay Notes Online Taleem Ilmi Hub
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1. Introduction
- CPEC- an economic corridor between China and Pakistan
- At present it is under construction
2. The vision and mission of CPEC
- To improve the lives of both the nations
- Further it includes different projects
3. Form of projects
- First it was formed by General Pervez Musharraf
- Other. governments have also become the part of this project
4. Projects
- Power plant projects
- Liquefied Natural Gas power. (LNG) projects
5. Conclusion
ESSAY:
CPEC (China Pakistan Economic Corridor) is an economic corridor between China and Pakistan. At Present, that corridor is an under construction which estimated cost above 54 billion dollars. The aims of this project to construct Gwadar Port in Southwestern Pakistan with Xinjiang in far Western China. The project including various infrastructure in terms of energy projects, motorways, highways and railways to be built, in order to link Gwadar and Karachi with Chinese region.
The vision and mission of CPEC is "To improve the lives of people of Pakistan and China by building an economic corridor promoting bilateral connectivity, construction, explore potential bilateral investment, economic and trade, logistics and people to contact for regional connectivity". It includes: Integrated Transport and IT systems including Road, Rail, Port, Air and Data Communication Channels, energy cooperation, spatial layout, functional zones, industries and industrial parks, agricultural development and poverty alleviation, tourism cooperation and people to people communication, cooperation in livelihood areas, financial cooperation and human Resource Development.
The current form of the project was first proposed by General Pervez Musharraf, however, it was postponed owing to the political instability in the country. The ex-government of the Pakistan Peoples Party (PPP) proposed it again when President Asif Ali Zardari invited heads of all the political parties to a Luncheon in honour of the Chinese Premier Lo Keqiang at the Aiwan-e-Sadr on 22 May 2013. In February 2014, Pakistani President Mamnoon Hussain visited China to discuss the plans for an economic corridor in Pakistan. Two months later, Pakistan Prime Minister Nawaz Sharif met with Premier League Li Kequiang in China to discuss further plans, resulting in the full scope of the project to be devised under Sharif's tenure. In November 2014, Chinese government announced its intention to finance Chinese companies as part of its $45.6 billion energy and infrastructure.
Under the CPEC Project, major upgrades are sanctioned to Pakistan's transportation network. Comprise reconstruction and upgrade works on National Highway 35 which forms the Pakistani portion of the Karakoram Highway that spans the 887 km long. The Shanghai Electric company of China will construct two 660 MW power plants as part of the "Thar-I" project in the Thar coalfield of Sindh Province, while "Thar-II" will be developed by a separate consortium. The facility will be powered by locally sourced coal and is expected to be put into commercial use in 2028. Pakistan's National Electric Power Regulatory Authority (NEPRA) has agreed to purchase electricity from both Thar-I and Thar-II at a tariff of 8.50 US cents/kWh for the first 330 MW of electricity, 8.33 US cents/kWh for the next 660 MW and 7.99 US cents/kWh for the next 1,099 MW as further phases are developed.
Liquefied natural gas power LNG projects are also considered vital to CPEC. The Chinese government has announced its intention to build a $2.5 billion 711 kilometer long liquid natural gas pipeline from Gwadar to Nawabshah in province as part of CPEC. The project will not only provide gas exporters with access to the Pakistani market, but will also allow China to secure a route for its own imports.
Pakistan Navy and Chinese Navy ships are to jointly guard the safety and security of the CPEC Project, as Pakistan seeks to expand the role of its maritime forces. From December 2016, Pakistan's Navy established a special taskforce "TF-88" to ensure there is maritime security for corridor.
CPEC is considered economically vital to Pakistan in helping it drive economic growth. The Pakistani media and government have called CPEC investments a "game and fate changer" for the region, which would be one of the largest ever sums of foreign direct investment into Pakistan. As a result of improved infrastructure and energy supplies, the Pakistani government expects that economic growth rates will reach 7% by 2018. China Pakistan Economic Corridor is hope of better region of the future with peace, development and growth of economy.
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