CPEC projects attracted $25.4 billion of direct investment: China

BEIJING: China has said that projects under the China Pakistan Economic Corridor (CPEC) are flourishing all across Pakistan, having attracted $25.4 billion of direct investment since its 2014 launch.

At a press conference on Friday, Chinese Foreign Office spokesperson Wang Wenbin said that under CPEC, 192,000 jobs have been created, 6,000MW of electric power have been produced, and 510km of highways have been built, adding 886km to the core national transmission network.

On Wednesday, China pledged a package of ¥‎500 million for the country’s flood relief efforts, following a meeting between Prime Minister Shehbaz Sharif and President Xi Jinping to mark CPEC’s tenth anniversary.

In the meeting held at the People’s Great Hall, the two leaders reaffirmed their mutual commitment to CPEC and discussed cooperating across a range of issues, including defence, trade and investment, agriculture, health, education, green energy, science and technology, and disaster preparedness.

Both leaders acknowledged the need for a mass-transit project in Karachi and agreed to finalize all formalities for the early launch of the Karachi Circular Railway.

They agreed that both sides would make joint efforts to “launch the Main Line-1 (ML-1) rail track as an early harvest project under the CPEC framework”.

The premier stated that the “Pakistan-China friendship enjoys complete consensus across the political spectrum in Pakistan and is a model for inter-state relations”.

To mark CPEC’s ten years, the prime minister also invited India, which has been long opposed to the project, to reap its benefits instead of creating hurdles. He also said that the project will benefit Iran, Afghanistan, Central Asia and the entire region.

It was launched as the flagship project of Chinese President Xi Jinping’s Belt and Road Initiative. Trade through the Indian Ocean, especially through the CPEC, is set to significantly rise in the coming decades with the emergence of China as a global economic superpower.