CPEC and Gwadar are the hot topics for Pakistanis these days. The billion dollars investment is promising several benefits for the country and its citizens. Amongst all these fancy dreams, the project is facing many backlashes from the groups on daily. Despite all this pessimism, the government is Pakistan is willing to complete this project with the assistance of China and ensuring prosperity of its people.
There are numerous incentives that CPEC project will be bringing to Gwadar and rest of Pakistan. Here, we take a look at few of those additional deals:
The 40-year deal:
Initially, it is vital to know that Gwadar port is handed over to China on 40- year deal. This is the normal agreement that occurs globally whenever an international investment takes place in another country. Likewise, the Chinese company COPHC (China Overseas Port Holding Company) will bag 91% of the gross revenue from the marine and terminal functions. Also, from the free zone functions, it will bag 85% of gross revenue. Meanwhile, provinces will not receive any share from these revenues as the agreement suggested.
Development of Pakistan Railways:
Furthermore, the attached benefit that Pakistanis will be availing from CPEC project is Chinese interest in developing the Pakistan Railways. With the finance of extra $8 billion, China’s investment through CPEC will reach up till $54 billion approximately.
To ensure rapid and prompt completion of Pakistan Railway’s Mainline (ML-1), China is not including any outside donor in the project. With this priority completion of the project, it is expected to be completed in upcoming four years. With this decision from China, it is expected that Asian Development Bank will take out its proposal for funding of railway project since Chinese banks will be financing the project entirely.
Textile Unit set up:
Pakistan’s textile sector is growing gradually on the local and international level. From cotton to fabric, we are making waves in international markets. The good news is that China’s company named Qingdao Haijia will be setting up a textile machinery production `unit in Karachi where it will be manufacturing its products.
The company’s spokesperson told that as soon as the trade rules become lenient, they will start working on the plant manufacturing. A country where 60 percent of the economy depends upon the textile, having this inclusion is a win situation.
Number of youth employment to boost with CPEC:
With the start of CPEC, there are numerous opportunities which are now knocking on the country’s door. The best thing that CPEC is going to benefit us with the number of jobs that it will create for the youth. According to an estimate, around 85 thousand jobs will be created with the CPEC.
With this project, Pakistan is standing in developing the economy of the world. China’s project of One Belt one Road will make Pakistan to get connected with the Asia Pacific and European region through Iran. Such social-economic presence is beneficial for the country and doors of more opportunities will boost.
Furthermore, the power projects under CPEC will be generating 10000MW and by including them in National Grid, the power shortage will be greatly met. These energy projects are designed with the hydle, renewable, and coal. It will be the first time that coal reserves will be used for the energy production that will serve the necessity for centuries.
It can be easily assessed that CPEC will be generating enormous prospects for Pakistan in economic and geographical aspects. With the transparency in the Gwadar and CPEC projects, it is guaranteed that it will be a trustworthy scheme to rely on.