ThisaerialphototakenonFeb.28,2023showstheviewofTharCoalBlock-ICoalElectricityIntegrationprojectinSindhprovince,Pakistan.[Photo/Xinhua]

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TheChina-PakistanEconomicCorridor(CPEC)istheflagshipprojectoftheBeltandRoadInitiative(BRI)proposedbyChina.Itconsistsofmultidimensionalinvestmentinareasrangingfrominfrastructuredevelopment,energysector,specialeconomiczonesandoilpipelines,tothedevelopmentoftheGwadarPortandGwadarcityaswellasassociatedfacilities.Theproject,sinceitwasproposedin2015,hasseenitsinstitutionalframework,relevantofficesandorganizationsquicklybecomeoperational,withtheyearsfrom2015to2018witnessinghugemomentum.

ItisundeniablethatCPECisafulcrumoftheBRIasitwasthefirstsuchundertakinginitiatedbyChina.ItssuccessandtimelycompletionwouldrepresentasignificantsuccessforbothChinaandPakistanasitisthemanifestationofatruespiritofwin-wincooperationinamegadevelopmentproject,whichcanthenbereplicatedinothersegmentsoftheBRI.

AccordingtoofficialPakistanigovernmentreports,27projectsworth$19billionhavesofarbeencompleted,while63projectswithaninvestmenttotalof$35.2billionwillbecompletedby2030.DespitetherecentpoliticalinstabilityanduncertaineconomicenvironmentinPakistan,theCPECprojectsbyandlargehavebeenmovingaccordingtoschedulebarringafewhurdles.

The3,000-km-longCPECisoneoftheBRI"ssixenvisionedcorridors,andtheflagshipprojectconnectingtheBeltfromKashgarinChina"sXinjiangUygurAutonomousRegionwiththeMaritimeSilkRoadatGwadarPortinPakistan.

Pakistanhasexpresseditssupportfortheconstructionoftheprojectonmultipleoccasions.

InhisinauguralspeechinApril2022,PakistaniPrimeMinisterShahbazSharifpledgedtoboostconstructionofCPEC.Meanwhile,sincelastyear,hehasheldseveralmeetingswiththeChineseambassadorandthebusinesscommunitytoreassurethemoffullgovernmentsupportforCPECandthesecurityofChinesenationalslivingandworkinginPakistan.InNovember2022,duringhisfirstvisittoBeijing,theprimeministerhighlightedtheneedtospeedupbilateralcooperationondevelopmentandinvestment.

FromPakistan"sperspective,thisprojecthasbeenlabeleda"fatechanger"forthecountryanda"gamechanger"fortheentireregion.Commencingwiththeinitialallocationof$46billion,theexpectedinvestmenthasbeenrevisedupwardseveraltimesandnowstandsat$62billion.Whencompleted,thiswillelevatePakistan"seconomyandinfrastructure,creatingaround2.3millionjobopportunities,aswellasthemeansforenhancedcooperationandregionalintegration.Bothcountriesremaincommittedtoseeingitstimelycompletionin2030,withallinstitutionalarrangementsadvancingsmoothlybothinChinaandPakistan.

ThevisionoftheBRIisanticipatedtobeanadvantageousconduitfortheprosperityanddevelopmentofrelevantcountriesandregions.Itwillhelpbuildacommunityofsharedfutureformankindwithsharedvalues,mutualbenefitsandcommonprosperitythroughwin-wincooperation.

AspartoftheBRI,CPECalsoembodiesthespiritofbuildingacommunityofsharedfutureformankind,andhaswitnessedpragmaticcooperationbetweenPakistanandChina,boostingcloserbilateralcommercialandtradecooperation,andservingasanimportantdriverofPakistan"seconomicgrowth.

TheconstructionofCPECshowsgreatpotentialinawiderangeofareas.Itssuccessisexpectedtopavethewayforcommerce,trade,transportandenergysupply,whichwillhelpPakistantomaterializeitsvisionofbecomingaprogressiveanddevelopedstate.

Dr.WaseemIshaqueisaseniorfellowofTaiheInstitute,athinktankbasedinBeijing.

Opinionarticlesreflecttheviewsoftheirauthors,notnecessarilythoseofChina.org.cn.

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