The China Pakistan Economic Corridor (CPEC) and the Belt and Road Initiative (BRI) have emerged as powerful drivers of economic growth, development, and international cooperation.
Dr. Mehmood Ul Hassan Khan, the Executive Director of the Center for South Asia and International Studies (CSAIS) Islamabad, highlights the significant impact of CPEC and BRI on Pakistan and the world at large. In this article, we will delve into the transformative effects of CPEC and BRI, shedding light on the economic, educational, and energy developments that have taken place. Additionally, we will explore the implications of the 3rd Belt and Road Initiative (BRF) Forum for International Cooperation, emphasizing its strategic significance and global implications.
CPEC: An Enabler of Economic Prosperity
CPEC has played a pivotal role in fostering an enabling economic environment in Pakistan. At the core of CPEC’s impact are its key pillars: energy, education, and the economy. Notably, China has invested a staggering US$25.4 billion in direct projects in Pakistan, leading to significant socioeconomic transformation. This investment has not only created 236,000 jobs but has also contributed to the generation of 8,000 megawatts of electricity. Moreover, it has led to the construction of 510 kilometers of highways and 886 kilometers of the national electricity grid. These developments have not only improved Pakistan’s infrastructure but have also enhanced its energy security.
Education has also been a key component of CPEC, with approximately 28,000 Pakistani students studying in China and over 20,000 Pakistanis learning the Chinese language. This educational exchange program has not only broadened horizons but has also facilitated cultural understanding and strengthened people-to-people ties between the two countries.
Dr. Mehmood Ul Hassan Khan rightly asserts that CPEC is considered a blessing by prominent national experts. It serves as a guarantor of Pakistan’s future socioeconomic prosperity and holds the potential to eradicate poverty, creating a more inclusive and developed society.
The Belt and Road Initiative: A Beacon of Hope
President Xi Jinping’s keynote speech at the 3rd Belt and Road Initiative (BRI) Forum emphasized the past achievements, present status, and future priorities of BRI. The speech was constructive, positive, and productive, offering hope for a brighter future through international cooperation, economic globalization, openness, inclusiveness, modernization, and qualitative industrialization in all member countries and the rest of the world. The speech highlighted the crucial experiences in achieving BRI’s success and underscored China’s unwavering support for the initiative.
One of the standout initiatives announced during the speech was the grand financial integration for member countries of the BRI. President Xi pledged that the China Development Bank and the Export-Import Bank of China would each set up CNY 350 billion financing windows, and the Silk Road Fund would add CNY 80 billion in funds to support Belt and Road projects through market-oriented and commercial methods. These commitments signal China’s determination to drive economic growth and development among its partners.
Moreover, the BRF CEO Forum witnessed agreements on an impressive $97.2 billion in project cooperation. China’s commitment to implementing 1,000 small livelihood assistance projects, promoting vocational education cooperation between China and foreign countries, and strengthening security guarantees for Belt and Road projects and personnel bodes well for the development of small and medium-sized enterprises (SMEs) in member countries.
Strategic Significance of BRF 2023
The 3rd Belt and Road Initiative Forum for International Cooperation, with the participation of more than 140 countries and 30 international organizations, reflects the strategic importance of BRI in terms of socioeconomic development and trans-regional connectivity. Encompassing more than 75% of the world’s population and a significant portion of its GDP, BRI plays a vital role in shaping global economic dynamics.
Under the theme “High-quality Belt and Road Cooperation: Together for Common Development and Prosperity,” the forum consisted of high-level meetings and thematic forums that explored various aspects of connectivity, green development, the digital economy, trade connectivity, people-to-people relationships, think tank exchanges, the green Silk Road, subnational cooperation, and maritime cooperation. This comprehensive approach underscores BRI’s global utility and its capacity for fostering development, diversification, and digitalization.
Conclusion
CPEC and BRI, as highlighted by Dr. Mehmood Ul Hassan Khan, have had a profound impact on Pakistan and the international community. Through substantial investments, these initiatives have driven economic growth, improved energy infrastructure, and facilitated educational and cultural exchanges. The 3rd Belt and Road Initiative Forum for International Cooperation reinforces the commitment to high-quality cooperation, economic globalization, and inclusive development on a global scale.
The initiatives have not only improved the economic and social landscapes but have also positioned member countries for a prosperous and interconnected future. With these substantial commitments and ongoing dialogue, CPEC and BRI are set to remain transformative forces in the world of international cooperation and development. The global community must continue to work together to harness their full potential, ensuring a future of shared prosperity and sustainable development.
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