Pakistan is expecting a cut in unemployment by 2.32 million with the activation of CPEC related projects, within the next two years, says a report published in a Chinese newspaper, Global Times.
More jobs are expected with the establishment of special economic zones under the CPEC that will also integrate the nation into global production chains.
According to the report, the 6th Joint Cooperation Committee of the China-Pakistan Economic Corridor (CPEC) held last week in Beijing included the introduction of new projects into the CPEC framework.
Many people believe that the CPEC project will become a game-changer for Pakistan and will bring tangible rewards to its population. In this respect, it is necessary to map out concrete measures to expand the project by allowing more people to enjoy its benefits.
Despite disputes and difficulties in the implementation, the reportedly $46 billion project could play an important role in facilitating the development of Pakistan’s local economy and creating new jobs.
The CPEC has made great progress, but also has faced criticism in Pakistan over the distribution of projects among provinces in the country. The debate is not necessarily a bad thing, as it mirrors enthusiasm for the project which could serve as a key driver for the local economy, but such disputes could delay the overall process.
At the very least, it has become more urgent than ever to try to ensure an even distribution of the benefits from the CPEC across the whole of Pakistan.
Some observers have suggested that Pakistani people should think beyond their personal interests and work together to push forward the CPEC. This indeed is necessary, but a more realistic solution would be in trying to enlarge the rewards to incentivize more people to safeguard and stand behind the project.
There is an endless demand for investment in Pakistan, and although it is possible that Chinese investment in the economic corridor will increase, funding from just one country is unlikely to satisfy Pakistan’s appetite for capital to advance its economy and social development.
To broaden the scope of investment, China is expected to have an open mind about inviting third parties to join the CPEC. The project could also benefit countries such as Afghanistan, Iran and India as well as other major economies like Russia who may be ideal choices to take part in the CPEC.