Despite security threats and local outrage, China continues to invest billions of dollars in Pakistan. It is taking over the economy there on the pretext of investment. China had announced an economic project of more than $ 50 billion in Pakistan in the year 2015. Its name is China-Pakistan Economic Corridor (CPEC).CPEC is a multi-billion dollar project associated with China’s Belt and Road Initiative (BRI). Its purpose was to improve the infrastructure in Pakistan and to connect the Gwadar port located in the west of the country with western China. The target was set to invest $46 billion in Pakistan through this ambitious project. It is now estimated to increase to $65 billion.
During the first phase of CPEC, infrastructure related to dozens of projects like electricity and roads were improved with the help of Chinese money. The second phase started in December last year. It has focused on 27 projects like increasing manufacturing capabilities and creating new jobs. Photos: There is a border dispute between these countries. China is spending money to develop not only the main parts of Pakistan, but also areas like Pakistan-administered Kashmir and north-western Khyber Pakhtunkhwa province
Many people in Pakistan are excited about China’s investment. They say that to get Pakistan out of serious economic crisis, Chinese investment is needed. Actually, due to Corona epidemic, the economic condition of the country has suffered a lot. Tens of thousands of businesses closed. More than 2 crore people lost their jobs.