Economic Growth Strategy: How BRI Projects Can Boost Pakistan's Development -

Economic Growth Strategy: How BRI Projects Can Boost Pakistan's Development

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March 14, 2024

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Following Pakistan’s general election on February 8, 2024, the nation anticipates the formation of a new government, potentially led by PPP or PML-N, both with close ties to China. They aim to utilize projects like the China-Pakistan Economic Corridor (CPEC) to uplift Pakistan’s economy.

As Pakistan braces for this transition, the crucial role of economic diplomacy in maximizing the benefits of Belt and Road Initiative (BRI) projects for Pakistan’s development becomes apparent.

The BRI, spearheaded by China since 2013, is a colossal effort to enhance connectivity and drive economic growth across Asia, Africa, and Europe. CPEC, a flagship project within BRI, seeks to link China’s western regions to Pakistan’s Gwadar port through various infrastructure developments.

For Pakistan, CPEC signifies a significant opportunity, with over $60 billion in estimated investment. It holds promise for economic growth, job creation, and poverty reduction. Moreover, CPEC strengthens bilateral ties and aligns with Pakistan’s development objectives.

However, realizing the full potential of BRI projects in Pakistan comes with challenges. Ensuring equitable distribution of benefits, managing geopolitical tensions, and empowering the youth remain key concerns.

Nevertheless, with strategic investments and a commitment to inclusive growth, Pakistan can harness the transformative power of BRI projects, paving the way for sustainable development and prosperity.