CPEC an instrument of economic development, Prospects for Pakistan

Abstract

CPEC; project, worth about $ 48 billion was signed on November 8,
2014. 61 % of this investment is allocated to energy projects, while 36 % is
devoted to infrastructure, transportation and communication. Prime Minister
of Pakistan Sharif has reiterated that the CPEC couldn’t be a game changer
for Pakistan but for the entire region as well. The China’s Foreign Minister
Wang Yi, , has described the CPEC as the “flagship project” of One Belt, One
Road initiative. Since Mao’s time, China has adopted policy of
cosmopolitanism and the current President Xi, gives a new direction to its
foreign policy and initiated “Constructive Engagement”. The major objective
of the study is to highlight the economic significance of the CPEC project and
prospects for Pakistan. This research is an attempt to investigate CPEC as
game changer of the region and as a fat changer for Pakistan. To achieve the
desired objective, data are collected from official website, research articles,
books, journals and prominent academicians. Descriptive and analytical
methodology is adopted. This research concludes that participation in the
CPEC would enhance the life standard of native people and will drag
significant benefits to Pakistan in terms of security, stability and economic
development.