Photography:Muhammad Saqlain
Pakistan could get various benefits from this project such as they can ameliorate the energy sector like hydel, coal, wind, solar, and nuclear energy which will help to reduce the energy deficiency in Pakistan. Under the CPEC various infrastructure projects will be done like motorways, highways, fully equipped hospitals, technical and vocational institutions, gas pipelines, fast railway systems, etc. which will help to reduce both times and save transportation expenses which will enhance the purchasing power of the consumer. The cheap electricity and gas will reduce the cost of production so that it will give a big push to our industrial sector. Currently, the situation is reversed because when the price of electricity increases the cost of production will increase which reduces the capacity of an industry to produce more so the supply of goods starts to reduce which in turn plunges the demand as well.
The other mandatory benefit which Pakistan could get from CPEC is the tourism impetus. The tourism sector emerged as one of the stalwart sectors in the world which help to boost up the economy. China has the highest number of tourists in the world who travel abroad. According to China Tourism Academy, the total number of china’s travelers abroad had reached US$54 million in half of 2014 and 18.7 % spent aboard a total amount of US$ 54.1 billion, and in 2017 this number soared to 143 million. So Pakistan could be the hub of both Chinese and Nepal tourists after improving roads and airports, and this could be achieved only through CPEC.
A semblance of Tourists Flux in Baltistan at Upper Kachura Lake
China is the world largest consumer of oil and gas and with the passage of time, their demand is rising as well as the treats from south china sea are increasing from a stalwart foe .so that Gawadar port is an important point which will help them to imports oils and gas without any treatment. As China is the world's largest steel producer if with the help of China a large steel mill will construct at Gawadar port then it will help to meet the increasing demand for steel in the country and also for exports especially in Gulf countries.
Currently Karachi and Bin Qasim port are available to handle the merchandise cargo so with the development of Gawadar port our blue economy will be surpassed. With the development of Gawadar ports, Pakistan will become the trading hub for both China and central Asia. Transit trade is another benefit of Gawadar port. As 95% of Pakistani trade through the sea and its economy sorely depends on sea trade, the development of Gawadar port will reduce the burden on Karachi and Bin Qasim ports (both are already now used at their full capacity).
Under the CPEC project, there are many economic zones, where both Chinese and Pakistani industries will construct which will ample the economic activities in our country. According to a report, CPEC would create 700000 job opportunities by 2030. Optics fiber networks would help especially the backward areas of Pakistan to access 3G AND 4G internet connections. With the improvement of internet connections, many people will move towards freelancing which will help our country to move towards development.
Exim Bank of China and China Development Bank has already given more than $6 billion in loans .so after the completion of this project we have to repay at the interest rate of 34% .so would we be able to repay? If not then what will happen? With the passage of time, the debt on Pakistan is surpassing and they are pushing us into cash trapped. China already occupied the Hambantota port of Srilanka after the failure to repay their loans. It might be their nefarious intention to form new colonies in poor countries.
In the economic zones of CPEC, many of the Chinese industries will build. Are our industries have the potential to compete with Chinese industries? Whenever the market becomes competitive those firms or industries will perish who won’t able to produce goods at a low price with standard quality and this could be done only through improving or using technology. There is also a change of marine animal’s depredation due to excessive oil imports of China that could be a negative sign for the Blue economy of Pakistan. The environmental consequences in Pakistan would be horrendous. Both Karachi and Lahore are the most polluted cities in the world so the movement of big Chinese containers, machinery, and the environmental impact on Pakistan will be parlous and corollary will be in the form of dangerous climate change.
There is also a high-security risk especially in Pakistan from India, America, and Israel sites. According to a multinational professional service network headquartered in London, China would be the biggest country in the world in terms of economy till 2050. So the US will use its whole energy to exploit CPEC. The government should provide necessary security and these security forces should be a mixture of trained people from the police, rangers, and armed force. The government should provide equal incentives to local industries, which will help them to compete with Chinese industries.
There should be little duties or tax on Chinese goods imports by Pakistan, which will increase the demand for local goods so that our industries will be able to produce more output then they will keep local industries soar.