Belt and Road is potential ‘e-corridor’

I arrived in China in 2013 — the year the Belt and Road Initiative was introduced by Chinese President Xi Jinping. Five years have passed and changes have happened everywhere. This left a strong impact on me, and my thoughts about China. My purpose for coming to China was to study the things Pakistan lacks and implement them back home. Then I came to know more about the leading companies in China’s e-commerce market — Alibaba's Taobao and Tmall. These two firms, some of the world’s largest and most popular online retail marketplaces, achieved a total transaction volume of 3 trillion yuan ($478.6 billion). Alibaba aims to double its transactions, continuing its growth. Already 80 percent of China’s online shopping market is dominated by Alibaba.

For the last several years, Pakistan’s e-commerce industry was far behind in the sense of technology manpower and investment. This has changed with the BRI. Last year, Alibaba signed a memorandum of understanding with the Ministry of Commerce, and with the acquisition of Daraz, another online shopping store, we will see some magical changes in Pakistani e-commerce local people has never experienced. This will upgrade local logistics companies and create jobs, which will be helpful in the alleviation of poverty.

The China-Pakistan Economic Corridor project has so far provided jobs to 70,000 Pakistanis in the last five years and will generate more than a half million more employment opportunities in the future. The project has also helped increase foreign investment. Most already existing investment has been in the telecommunications sector. This would be the next big emerging area. Foreign investors have been hesitant, and feared entering Pakistan. Now that a giant like Alibaba has entered Pakistan, more will follow. This will drastically change the future, and lead the Pakistan economy to unimagined heights.

I can see my dreams coming true with the BRI. I can see Pakistan’s economic growth at its historic peak, I can see us using the same one-click payment system via QR code, ordering food online, shopping, ordering a taxi or searching for a job on their phone. ordering online tickets of fast train, connectivity and other super-fast services which I have experienced in China.

With the BRI and the implementation of e-commerce in China, it will be very beneficial to connect countries in the initiative through e-commerce, making the Belt and Road an “e-corridor”. I am looking forward to seeing this corridor becoming a reality.

Muhammad Ali Akbar is a master’s degree student in project management.