FOLLOWING the general election of 8 February 2024, Pakistan stands on the cusp of forming a new government, potentially led by a coalition of major parties, notably PPP or PML-N. Both parties have historically maintained close ties with China and have sought to leverage projects like the China-Pakistan Economic Corridor (CPEC), a flagship initiative of the Belt and Road Initiative (BRI), to drive economic benefits for Pakistan and its people. As the nation prepares for this transition, it underscores the critical importance of economic diplomacy in maximizing the potential of BRI projects for Pakistan’s development.
In an increasingly interconnected world, economic diplomacy plays a crucial role in shaping a nation’s prosperity and global standing. For Pakistan, the Belt and Road Initiative (BRI) represents a transformative opportunity to accelerate economic development and enhance connectivity with key global markets. As the country grapples with pressing socio-economic challenges, including unemployment, poverty and infrastructure deficits, leveraging BRI projects has emerged as a strategic imperative for driving sustainable growth and fostering regional cooperation.
The Belt and Road Initiative (BRI), launched by China in 2013, represents a monumental effort to foster connectivity and economic development across Asia, Africa and Europe. At its core is the China-Pakistan Economic Corridor (CPEC), a flagship project designed to link China’s western regions with Pakistan’s Gwadar port through a comprehensive network of infrastructure. This includes roads, railways, ports and energy facilities, aiming to facilitate trade, investment and regional integration.
For Pakistan, the significance of the BRI cannot be overstated. With an estimated investment exceeding $60 billion, CPEC holds the promise of catalyzing economic growth, generating employment opportunities and mitigating poverty. By enhancing transportation networks, reducing trade barriers and attracting foreign investment, CPEC has the potential to position Pakistan as a pivotal player in regional trade and commerce. Additionally, it underscores the country’s geostrategic importance by providing a gateway to lucrative markets in the Middle East, Central Asia and beyond.
Moreover, CPEC’s transformative impact extends beyond economic considerations. It serves as a symbol of China-Pakistan friendship and strategic cooperation, strengthening bilateral ties and fostering mutual trust. Furthermore, CPEC’s emphasis on infrastructure development aligns with Pakistan’s broader development goals, including improving connectivity, enhancing energy security and fostering sustainable development.
Overall, the significance of the BRI, particularly through projects like CPEC, lies in its potential to usher in a new era of prosperity and development for Pakistan. By leveraging strategic partnerships, maximizing investments and ensuring inclusive growth, Pakistan can harness the full benefits of the BRI, positioning itself as a key player in the global economy while addressing its socio-economic challenges.
Realizing the full potential of Belt and Road Initiative (BRI) projects in Pakistan involves navigating a multitude of challenges while seizing the numerous opportunities they present. One pressing challenge lies in ensuring that the benefits of these projects are equitably distributed and that socio-economic disparities are addressed. While infrastructure development is pivotal, it must be accompanied by efforts to promote inclusive growth, empower local communities and safeguard the environment. This necessitates a comprehensive approach that prioritizes the well-being of all stakeholders and ensures that the gains from BRI projects are shared across society.
Moreover, Pakistan faces the task of managing geopolitical tensions and safeguarding its sovereignty while engaging with external partners, particularly China. The close ties between the two countries have raised concerns among neighbouring nations and global powers, highlighting the importance of transparent and inclusive decision-making processes. Striking a delicate balance between fostering strategic partnerships and protecting national interests is paramount for Pakistan’s long-term stability and prosperity.
In the context of BRI projects, Pakistan’s young population emerges as both a challenge and an opportunity. As the largest demographic group and significant contributors to the workforce, the youth’s employability and welfare should be at the forefront of the new government’s policies. The BRI presents a plethora of opportunities for these youth, provided they possess the necessary skills and capabilities. Given the enduring friendship between Pakistan and China, along with the familiarity of working with Chinese companies, these youth can be transformed into valuable assets for Pakistan and a sustainable workforce for BRI projects. However, realizing this potential requires strategic investments in education, training and employment initiatives tailored to the needs of the youth, ensuring they are adequately prepared to contribute to the country’s economic growth and development.
Despite these challenges, Pakistan stands poised to harness the transformative power of BRI projects. By leveraging its strategic location, abundant natural resources and the momentum generated by CPEC, Pakistan can attract foreign investment, stimulate innovation and diversify its economy. CPEC, in particular, offers a unique opportunity to revitalize key sectors such as energy, agriculture and manufacturing, laying the foundation for sustainable development and job creation. As Pakistan navigates the complexities of the BRI, it must remain steadfast in its commitment to inclusive growth, environmental sustainability and the well-being of its citizens, ensuring that the benefits of these projects are realized for generations to come.
The imperative of economic diplomacy in leveraging BRI projects, including CPEC, for Pakistan’s development cannot be overstated. These projects offer a transformative opportunity to accelerate growth, promote regional integration and foster sustainable development. However, realizing their full potential requires a strategic approach that addresses challenges and advances national interests. Collaboration with international partners, investment in education and skills development and a commitment to sustainable development are key. Pakistan must ensure that the benefits of BRI projects, particularly CPEC, are realized for generations to come.
—The writer is a global youth leader serving as the President of the Belt and Road Initiative for Sustainable Development (BRISD), a global think-tank headquartered in Islamabad.
Email: [email protected]
views expressed are writer’s own.
Economic diplomacy: Powering Pakistan’s development
47
0
07.03.2024
FOLLOWING the general election of 8 February 2024, Pakistan stands on the cusp of forming a new government, potentially led by a coalition of major parties, notably PPP or PML-N. Both parties have historically maintained close ties with China and have sought to leverage projects like the China-Pakistan Economic Corridor (CPEC), a flagship initiative of the Belt and Road Initiative (BRI), to drive economic benefits for Pakistan and its people. As the nation prepares for this transition, it underscores the critical importance of economic diplomacy in maximizing the potential of BRI projects for Pakistan’s development.
In an increasingly interconnected world, economic diplomacy plays a crucial role in shaping a nation’s prosperity and global standing. For Pakistan, the Belt and Road Initiative (BRI) represents a transformative opportunity to accelerate economic development and enhance connectivity with key global markets. As the country grapples with pressing socio-economic challenges, including unemployment, poverty and infrastructure deficits, leveraging BRI projects has emerged as a strategic imperative for driving sustainable growth and fostering regional cooperation.
The Belt and Road Initiative (BRI), launched by China in 2013, represents a monumental effort to foster connectivity and economic development across Asia, Africa and Europe. At its core is the China-Pakistan Economic Corridor (CPEC), a flagship project designed to link China’s western regions with Pakistan’s Gwadar port through a comprehensive network of infrastructure. This includes roads, railways, ports and energy facilities, aiming to facilitate trade, investment and regional integration.
For Pakistan, the........
© Pakistan Observer
visit website
login
who are we?
contact us
qosheapp
Toi Staff
Gideon Levy
Belen Fernandez
Andrew Mitrovica
Mort Laitner
Nikkei Editorial
Ali Fathollah-Nejad
Rami G Khouri
