- The infrastructure is improving
China has proved time and again that it is Pakistan’s strategic partner and all-weather friend. When Pakistan’s economy was in the doldrums and its foreign exchange reserves were dwindling, initially China deposited four billion US dollars in our national treasury. According to reports another additional two and a half billion dollars are being deposited in the national treasury. China’s contribution in this fiscal year alone would surge to USD 6.5 billion, and surely this will address the present economic crisis of Pakistan. This gesture is meant to arrest the sliding official foreign currency reserves and provide much-needed breathing space to the government.
India on the other hand, is uncomfortable with CPEC and bends backwards to denigrate it. CPEC’s development plans run contrary to Indian hegemony which seeks to subjugate Pakistan. India is also attempting to poison the minds of European Union against CPEC.
Indian fears are driving it crazy, but China has also made sure that CPEC projects continue to boost Pakistan’s economy.
Over 58 percent of Pakistan’s population lacks food security. The nation’s budget records a loss of Rs365 billion annually due to reasons such as environmental degradation. During the five years between 2010 and 2015, Pakistan lost over 18 billion USD due to floods while water scarcity has started to create a new threat with the per capita availability dropping to 1,000 cmps.
Owing to a downward slide in the local investment, Pakistan’s trade industry has suffered. In this bleak scenario, CPEC’s multi-dimensional investment comes as positive hope for the population of Pakistan. With soft loans, zero interest loans and export credit, the corridor comes with its own share of growing potential. However, there is still a section of society that continues to criticise the same on perhaps what may be seen as incomplete information.
This gesture is meant to arrest the sliding official foreign currency reserves and provide much-needed breathing space to the government
There were growing concerns of environmental degradation that may be a possible result of the corridor. However, supporting the CPEC project, it has now been apprised that there is a direct relation between poverty and environmental degradation. CPEC investments would help Pakistan in tackling the problem of poverty and thus show its impact on the environment. Experts opine that sustainable development and climate change have been well catered for in the LTP. It has been brought out that China and Pakistan’s agreement on laying focus on the renewable energy investment in the CPEC pact will bring high dividends.
Along with the CPEC pact, Pakistan may also be receiving investments in hydropower and water from China helping it to solve the problem of water scarcity for seasons other than summer when it receives 82 to 84 percent of water of the year. with China’s aid Pak will be able to sustain its energy needs by means of cheap hydro-energy benefitting the farming community.
CPEC is also strengthening Pakistan’s tourism industry. CPEC has opened avenues in business, trade and investment. However, another key industry which is booming under the mega-project is tourism. International tourism contributes around $1,340 billion to the world economy. After the unfolding of CPEC, the number of Chinese people traveling to Pakistan has increased, with some of them going on official visits, some to work on the projects under CPEC and others involved in business activities. Pakistan possesses a huge potential to attract foreign travelers, especially Chinese tourists.
Through CPEC, Pakistan’s infrastructure is improving, providing easy access to tourists to major tourist destinations of Pakistan. Also, through this influx, Pakistan’s Small-and-Medium Enterprises (SME) sector will also flourish, encouraging joint ventures between the two countries.
Pakistan government has taken major steps for tourism industry including provision of visa on arrival (55 countries) and improvement of internal as well as regional peace. Sara Barbieri, a specialist with GeoEX informs: “Explore the valleys of Hunza, Shigar and Khaplu via the renowned Karakoram Highway.
The British Backpacker Society described Pakistan as “one of the friendliest countries on earth, with mountain scenery that is beyond anyone’s wildest imagination”. A popular American business magazine ‘Forbes’ has included Pakistan to the top ten ‘coolest places’ where tourists must go in the new year of 2019.
The significant influx of Chinese tourists in Pakistan opens the opportunities for entrepreneurship, with private sector investment coming in from China. Pakistan, being a tourist destination based on its scenic beauty, will further prompt tourists to visit the country.
Being neighbours, it is easy to travel to Pakistan and moreover, it is economical as the prices in Pakistan are still much more affordable as compared to other global competitors, according to an article published by China Daily earlier this week.
Tourism Industry of Pakistan will also open avenues of collaboration for Chinese and local entrepreneurs. Any joint venture between Chinese and Pakistani entrepreneurs may be beneficiary mutually.
It will also help to promote mutual understanding and people to people contacts will strengthen public diplomacy. Such endeavors will also strengthen the existing ties of deep-rooted friendship between the two nations.
The northern areas of Pakistan are a topographic heaven with snow covered mountains, natural freshwater lakes, waterfalls, pine forests, and breathtaking views. People interested in adventure tourism can definitely enjoy this part of Pakistan as facilities such as paragliding, para-skiing, extreme mountaineering is in abundance.
Pakistan’s unique bio-diversity is an attraction in its own. Coming down from the wilderness of the mighty Karakoram we can reach the historical cities of Taxila, Mohenjo-Daro, and Harappa. These cities have a history of a few thousand years and are an attraction for history lovers. Gandhara civilisation is special attractions for Chinese as it is the cradle of Buddhism.
Going further down south are the coastal areas of Karachi and Gwadar. Karachi being a cosmopolitan city with lots of economic activity offers a wide range of urban opportunities.
Traveling to the west of Karachi we can find beautiful natural beaches and amazing topographical structures. Peshawar and Lahore are historic cities of Pakistan and depicts Pakistani culture and civilisation. Pakistan is blessed with desserts too like the Cholistan in Punjab and Thar in Sindh.
With the development of China in each sector, people are traveling and spending their holidays abroad in large numbers, and this is an ever-growing trend.
Chinese spent $120 billion in 2015 on their travels abroad. If a fraction of this amount is attracted by Pakistan, it can help the nation to overcome its economic problems. On the other hand, the Chinese people may enjoy more hospitality in Pakistan than any other country. According to the China Tourism Academy, a think tank under the Ministry of Culture and Tourism, “the number of trips made by Chinese people to other countries or regions reached 135 million in 2016, compared to 5 million in 1995. This represents an annual increase of 17.6 percent on average over 21 years.
China’s outbound tourism market is estimated to increase by five percent annually on average in the coming years, bringing the number of outbound tourists to 157 million in 2020.”