Beijing reported on Thursday, that the China-Pakistan Economic Corridor (CPEC) had generated $25.4 billion in direct investment in the ten years since its inception in 2014.
“The projects will generate 192,000 jobs, generate 6,000MW of power, construct 510 kilometers (316 miles) of highways, and expand the national transmission network by 886 kilometers (550 miles),” Foreign Ministry spokesman Wang Wenbin told reporters in Beijing.
China’s CPEC details come in the wake of Prime Minister Shehbaz Sharif’s recognition of the infrastructure project’s “pivotal role” in Pakistan’s economic reform.
CPEC, a component of China’s Belt and Road Initiative, is a $50 billion commercial and infrastructure project between China and Pakistan that allows China to access the Arabian Sea via the Gwadar Port.
There have been talks about including Taliban-led Afghanistan in the infrastructure project, and the administration has decided to make the country a transit hub between Central and South Asia.
“CPEC has made a tangible contribution to Pakistan’s national development and regional connectivity,” Wang remarked.
According to him, CPEC has developed a “1+4” cooperation framework, “with CPEC at the core and Gwadar Port, transport infrastructure, energy, and industrial cooperation as key areas.”
“China is ready to collaborate with Pakistan to accelerate the development of CPEC, following important agreements between the leaders of both countries that aim to promote high-quality development that benefits China, Pakistan, the region, and all nations involved,” Wang said.