CPEC contributing to socio-economic uplift
Officials said the multibillion dollars’ worth of the China-Pakistan Economic Corridor project plays a substantial part in promoting Pakistan’s socio-economic development.
According to the officials, the CPEC contains a huge variety of projects, including road and railway networks, a deep-sea port, coal mines, solar farms, and fiber-optic cable projects.
Recently, the total value of CPEC has shown a growth from $46 billion to $62 billion, which is equivalent to 20% of Pakistan’s present economic aggregate. The influence of CPEC on our country has not only been restricted to just the economic field but also has a great impact on different other fields.
Though our country has been importing Chinese products for over a decade, the CPEC project and the relaxation of trade policies have boosted the commercial relationship between both countries and imports have continued to increase.
Talking to the media officials said that the country has imported more than half of its electrical appliances, equipment, and machinery from China and also imports high-tech industrial machinery, nuclear power plants, steel, silk, and garlic.
“Brand loyalty has become a thing of the past, emerging global brands are recognized, especially by consumers who are very picky and who use social media,” according to Humayoun Bashir, marketing manager of a Chinese multinational company.
“Many people feel that this wave of cheap imports is bad for local industry. The actual import figures are much higher than the official import figures provided by SBP. Pakistan’s imports from China are second only to those from the United States, and China may be Pakistan’s second-largest importer after the United States, but Pakistan’s exports to China account for only 60pc of its imports, with a trade deficit of 40pc and it is expected to expand in the coming years. Many Pakistanis believe this model of high imports from China is a new opportunity for Pakistan’s retail trade, “as stated by Mohammed Ahmed who is the owner of small and medium-sized enterprises.
It has been revealed that the development of transportation infrastructure will enhance the prospering real estate industry, whereas real estate values along CPEC will increase sharply in suburban and rural areas.