Trade Resources Business Cooperation Project CPEC Vitalizes Pakistan's Economy

CPEC Vitalizes Pakistan's Economy

3.3 (6 Votes)

China's direct investment in Pakistan from July last year to June this year stood at US$1.19 billion, up 11 percent year-on-year and accounting for 49 percent of the total foreign direct investment in Pakistan, according to the National Bank of Pakistan, the country's central bank.

China has been the largest investor in Pakistan for four consecutive years. The construction of the China-Pakistan Economic Corridor (CPEC) has injected new vitality to Pakistan's economic growth.

The Pakistan Board of Investment said foreign direct investment in the country has remained low since 2008 and that the construction of the China-Pakistan Economic Corridor is a turning point.

The Pakistan Business Forum Association said that the rise of FDI shows the international community's increasing confidence with the economic growth of Pakistan, and the government should take the opportunities of the China-Pakistan Economic Corridor to promote the growth of the national economy.

By the first half of this year, China's total investment in Pakistan had reached US$4.59 billion.

Experts say that China's investment in Pakistan is building up a platform that connects all countries in the region, and benefits the development of South Asia, Central Asia and Southeast Asia, as well as local people.

The Dawood wind power project built by Hydro China, one of the first 14 energy projects on the economic corridor, can generate 130 million kilowatts of electricity a year, enough to satisfy the demands of 100,000 families.

The first stage of the Zonergy 900-megawatt solar power station project came into operation on June 8 last year. It has already generated 630 million kilowatts of electricity, meeting the demand of 280,000 families.

The construction of the first stage of the project created more than 3,000 jobs for locals, while 80 percent of the staff operating the solar power station is Pakistani engineers.

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