China-Pakistan Economic Corridor (CPEC) : analyzing interests, challenges and impacts on Pakistan (2015-2019)

Abstract

This study focused on China-Pakistan Economic Corridor (CPEC), and analysed interests, challenges and impacts on Pakistan. CPEC is an important initiative, which is expected to play a major role in shaping not only the present-day but also the future outlines of Pakistan. The three objectives of this research study were to analyse the interests of Pakistan in CPEC, assessed the risks and challenges that Pakistan is facing in the implementation of CPEC. Literature review was done on CPEC initiative, its importance for South Asian region and the geopolitical implications of CPEC. This is a qualitative study to address research questions using both primary and secondary resources. For primary sources, documents published by Pakistan’s Ministry of Planning, Development and Reform were consulted. Leaders’ speeches, remarks and official information were also used for this research study. An interview with the Deputy Head of Pakistan High Commission Malaysia was also conducted. For secondary sources, research articles, academic journals, news-based information were used. This research study concluded that CPEC offers a great opportunity for Pakistan. CPEC is a product of Special Relationship that exists between Pakistan and China. Without Special Relationship, no country would grant such mega initiative to any other country. CPEC is a mega initiative of $62 billion dollar, aiming at bringing positivity and development for Pakistan in the history of Pakistan. This research study found that Pakistan was able to accomplish several interests through CPEC. This initiative was embedded with valuable interests of Pakistan. Pakistan is using CPEC as a tool to empower economy and gain geopolitical security. CPEC is a key project for Pakistan to influence the region. However, accomplishing interests through CPEC is bedevilled with challenges. There are a lot of geopolitical, economic, political, strategic and domestic challenges that are impeding the implementation of CPEC. This research study concluded that CPEC has positive impacts on socio-economic sector of Pakistan. It was also found through close inspection that implementation of CPEC will accelerate economic growth of the country. Spillovers of CPEC on society will improve the life of people. Hence there should be periodic research to follow and find out the actual extent of impact and effects that it will further bring both within as well as beyond its borders.