China-Pakistan Economic Corridor brings economic benefits to Pakistan: report

ISLAMABAD - The China-Pakistan Economic Corridor has been leaving motivational impacts on different sectors in Pakistan through its plentiful economic benefits and opportunities, said a report released here on Thursday.

The report, "The economic benefits of the modern silk road: The China-Pakistan Economic Corridor (CPEC)," is jointly prepared by the Association of Chartered Certified Accountants (ACCA) Pakistan and the Pakistan-China Institute (PCI).

The report, which is based on research work and surveys, said that the unprecedented CPEC has provided 60,000 jobs to Pakistanis since 2015 and that it would create over 800,000 new jobs in different sectors up to 2030.

It said that the 21 energy projects planned under CPEC will double Pakistan's current capacity of electricity production by producing 16,400-megawatt electricity after their completion.

Pakistan's Foreign Minister Khawaja Muhammad Asif said at the report's launching ceremony that the CPEC power project has brought a great change in Pakistan's energy sector by bringing 13-14 hours a day load-shedding in 2013 to zero in 70 percent areas of the country.

Asif said he is a firm believer that the Belt and Road Initiative will change Pakistan and the region for the better because it is a significant transformative initiative in recent history and is an engine of shared dreams, common prosperity and win-win cooperation among countries.

The report predicted that CPEC will change Pakistan's business and economic landscape through infrastructure and transportation development, establishing special economic zones, promoting tourism, increasing trade and commerce.

Chinese Ambassador Yao Jing said at the ceremony that a lot of investors from China and other countries are coming to Pakistan to explore business opportunities under CPEC. He said the final purpose of CPEC is to benefit society and people.

Chairman of the PCI Mushahid Hussain Syed, who also serves as a senator in Pakistan's parliament, believed that CPEC benefits are already evident to the people of Pakistan as it has helped the country achieve a 5.3-percent growth rate in 2017, the highest in last 10 years.

In a survey of 500 finance and business professionals conducted by the ACCA, 79 percent of them expressed that the businesses in Pakistan will have to adapt to the changes engendered by CPEC in next one to five years, the report said.

The report also highlighted the advantages of the joint ventures, saying that the local experience of Pakistani companies and the technical skills of Chinese companies will result in a win-win situation.

Author of the report Malik Mirza stressed that to meet future challenges, Pakistani businesses should have to adapt to changes, such as analyzing the Belt and Road Initiative and its impacts, efficient allocation of resources, investment in human and organizational development, technological advancement and risk management.