Saturday, March 6, 2021

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CPEC Project To Greatly Benefit Pakistan: Pak Media

Pakistan’s Tribune in an article on CPEC Project on Monday said that over 58 percent of the nation’s population lacks food security. It added that the nation’s budget records a loss of Rs 365 billion annually due to reasons such as environmental degradation. During the five years between 2010 and 2015, Pakistan lost over 18 billion USD due to floods while water scarcity has started to create a new threat with the per capita availability dropping to 1,000 cmps.

The daily spoke about Pakistans continued struggle to tackle terrorism which has not only damaged the economy and social stability but has also shown its impact on the FDI. Speaking of domestic industry, Tribune said the trade industry has seen a downward slope owing to a drop in local investment.

CPEC Project and its Need

The article states that the CPEC Project (China-Pak Economic Corridor) and its multi-dimensional investment today comes as positive hope for the population of Pakistan. With soft loans, zero interest loans and export credit, the corridor comes with its own share of growing potential. However, there is still a section of society that continues to criticise the same on perhaps what may be seen as incomplete information. The criticism rose following the signing and publishing of the CPEC Long Term Plan between China and Pak.

Environmental Concerns over CPEC Project

The daily spoke of the growing concerns of environmental degradation that may be a possible result of the corridor. However, supporting the CPEC project, the Tribune article said that there is a direct relation between poverty and environmental degradation. Giving instances of the same the article argued that the CPEC investments would help Pak in tackling the problem of poverty and thus show its impact on the environment. It added that sustainable development and climate change have been well catered for in the LTP. It further speaks of China and Pak’s agreement on laying focus on the renewable energy investment in the CPEC pact.

CPEC & Impact on Pak’s Agriculture and Water

Along with the CPEC pact, Pak may also be receiving investments in hydropower and water from China helping it to solve the problem of water scarcity for seasons other than summer when it receives 82 to 84 percent of water of the year. with China’s aid Pak will be able to sustain its energy needs by means of cheap hydro-energy benefitting the farming community.

CPEC Project & New Schemes

With the CPEC pact, Pak is expected to record fresh developments in infrastructure including airways, railways and roadways. The two nations have already laid down a detailed roadmap for better connectivity which will, in turn, result in economic growth. The Special Economic Zones too are expected to result in newer opportunities for economic growth by boosting local markets and trends by way of utilization of local resources and employment of local population.

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