China-Pakistan Economic Corridor has been a long-term strategic collaboration between China and Pakistan. It will now be in a second phase that marks a strong change towards smaller scale projects when it comes to large-scale infrastructure and energy projects towards smaller goals that are sustainable in nature. The agenda is now industrialization, modernization of agriculture, human development and regional integration. This move will take Pakistan as an important trade and economic centre. It aimed by getting new investments and generating millions of jobs. This will change the Pakistani economy into a modern dynamic system.
CPEC Phase II centres on turning the tide to industrialization. Special Economic Zones (SEZs) such as Allama Iqbal and Rashakai are coming up to attract local and foreign investment. Such areas have incentives such as tax relief, and special infrastructure to attract businesses into the zones. It is aimed at generating about 2.2 million new jobs by the year 2030. This will directly counter unemployment in Pakistan. Likewise, it will also enhance the country to develop its industrial Base and increase export capabilities. The moving of Chinese industries to these zones will be helpful to provide a positive technology and skill transfer. Not only will this make productivity to go up but will also help curb the trade imbalance experienced by Pakistan. In addition, modernization of agriculture is another pillar of this new era. Pakistan is a country with mainly agricultural industries and will be a great beneficiary.
Chinese technology and joint venture will assist in enhancing agricultural production and in securing food. This will boost field production and enable farmers to get new markets. As an illustration, the production of high-quality cotton and mangos is already in joint venture. This will also aid Pakistan to match its 5Es economic priorities with the economic priorities of that country. The agricultural sector of Pakistan can be more efficient and competitive through adopting modern practices by using facilities such as satellite imaging and data-driven farming.
Along with building industries and the agricultural sector, CPEC Phase II is also improving Pakistan core infrastructure. A big component of this is the $6.8 billion ML-1 railway modernization upgrade. It will modernize the railway system in the country, reducing the time and expenses of travelling and transportation logistics.
This will go a long way in easing movement of the goods within Pakistan and improving reliability in regional trade. It will also cause the railway to occupy a large share of freight traffic, limit the traffic pressure on roads. The project of Gwadar port is crucial. As, it is turning out to be a huge logistics hub that would link Pakistan with Central Asia, Iran and Afghanistan. This will open new trade corridors which will establish Pakistan as a regional hub. It is noteworthy that very little proportion of the national debt of Pakistan is associated to CPEC projects that contradicts the debt trap narrative and points to the long-term sustainability of this project.
In addition, Phase II is concerned with human development. This is critical in the regard of making sure that the CPEC benefits will be inclusive. The plan contains schemes of poverty alleviation, education, healthcare systems expansion, and women employment. Such endeavours are meant to enhance the life of common Pakistanis. They will also give the locals the much-needed skills and the possibilities of engaging in and gaining advantage of the new economic activities. As another example, vocational training facilities will be set up in Gwadar Port to train locals in skills that are required in its operations. This concentration on human capital maintains that the increase discoursed by CPEC is not socio-economic alone but fair as well.
The project also addresses geopolitical issues by means of being transparent and diplomatic. Pakistan and China collaborate to eliminate the doubts and preserve the overall perception of the project having all the positive qualities of a reciprocally beneficial move. Special 12,000 strong security force and local outreach programs to resolve local grievances especially in Balochistan, are deployed to protect CPEC infrastructure. The multifaceted security approach enhances the project to be long term and successful. To sum up, CPEC Phase II is a cohesive plan to transform the Pakistan economy. It is a strategic alliance that will lead to long term growth, new jobs in millions of people, and lead to strengthening of Pakistani role in international trade and regional connectivity.
Phase II of CPEC is the new direction in the Pakistani business. It is now on the industrialization, modernizing the agriculture and human development. SEZ is aimed at providing attraction and creation of millions of jobs by attracting investment. Historic improvements in the ML-1 railway line and Gwadar Port will improve connectivity in the region. The new phase holds an opportunity of economic sovereignty and long-term sustainable and inclusive growth of Pakistan. It shows its long-time dedication toward healthy and successful future. This is an evident shift towards a contemporary dynamic economy.