CPEC A mega project; Prospects and challenges

Abstract

Under “one belt one road” policy of the Chinese government, CPEC is one of
the largest foreign direct investment of China. The relations between China
and Pakistan would be intensified due to this huge amount of investment on
one hand, but on the other hand, it would shatter the relations between India
and Pakistan as the project will pass through a disputed territory (Kashmir).
This project may add to the already tense relation between the two
neighbouring or even may settle this dispute once for all. Greater Eurasia has
warmly welcomed the project, including Russia, Central Asia, UK, Western
Europe and Iran. The corridor is an excellent opportunity of economic
development not only for Pakistan but also for its neighbours. Even though the
major financiers of this project are Chinese financial institutions however
Pakistan would also invest $ 15 billion. Relevance of soft power, economic
connectivity, regional cooperation and integration would be caused by this
project. This paper is an attempt to highlight the policy measures necessary for
success CPEC and to avoid any situation that led to tension in the region. It
will also highlight the reaction of India and Bangladesh to the project and the
opportunities, challenges and impacts of this mega project on peace and
security of the region.