Economic revival, CPEC and Agenda 2047 – IV

The China-Pakistan Economic Corridor (CPEC) holds the potential to assist Pakistan in revitalising its economy and setting the stage for sustainable development. Following the successful completion of the first phase, CPEC has now entered its second phase. The long-term document of CPEC outlines industrialisation and agricultural cooperation as driving forces during this stage – fortunately, these align with Pakistan’s current focus on rapid industrialisation and agricultural development. However, the second phase of CPEC faces specific challenges unique to its framework, in addition to those discussed in the previous article. Firstly, the decision was made for Pakistan to construct Special Economic Zones (SEZs) for industrial cooperation. Unfortunately, after 10 years, Pakistan has been unable to establish these zones within the agreed timeframe. Currently, the Faisalabad economic zone is partially functional, while the remaining SEZs are in the early stages, hindering the industrialisation process as the Chinese industrial sector awaits the operationalisation of these zones.