By Abdul Ghani

ISLAMABAD, July 21: China-Pakistan Economic Corridor (CPEC), the flagship project of the Belt and Road Initiative (BRI), will help increase the volume of their bilateral trade to $50 billion within the next five years, WealthPK reports.

The game-changer project has become a symbol of peaceful development in Pakistan and the biggest source of job creation in the country. Data shows that the volume of Pakistan’s exports to China crossed $1.605 billion in the first five months of the financial year 2021-22, showing an increase of 5.42 percent on a year-on-year basis.

Pakistan Embassy Commercial Counsellor in Beijing Badaruz Zaman said that China-Pakistan free trade agreement would create more space for service trade. Bilateral trade between the two countries will cross $50 billion within the next five years. This year, the trade volume will cross $32 billion.

A meta-analysis research study shows that CPEC has generated 80,000 jobs so far in different projects commenced since 2013. The mega project has the potential to create a total of 1.2 million direct jobs through its currently agreed schemes.

With the inclusion of new projects in the CPEC long-term plan in agriculture, tourism, mineral processing, oil and gas and services sectors, the job portfolio is likely to be enhanced manifold.

Developing countries, on the other hand, are in the phase of identifying the number of jobs, which will be created in the near future, rather than classifying the required skills.

According to the International Labour Organisation (ILO), CPEC is likely to create 400,000 jobs in the country, while according to the estimates of Applied Economic Research Centre, the mega projects will create around 700,000 direct jobs by 2030. However, the data of the Planning Commission shows CPEC will generate around 800,000 jobs in the next 15 years.

According to the European Photovoltaic Industry Association, the manufacturing of Photovoltaic (PV) modules creates three to seven direct jobs and 12 to 20 indirect jobs per megawatt. It has the potential of creating 7,000 direct and 2,0000 indirect jobs in Pakistan.

Liaqat Ali Shah, the executive director of the Centre of Excellence for CPEC Authority, said that the mega project has the potential to increase trade between Pakistan and China. “It will help to reduce the cost of import for Pakistan through earning of foreign reserves. The increased bilateral trade will definitely bring sustained economic growth as well,” he added.

Pakistan and China have historical ties as both have always supported each other in difficult times. The launch of CPEC is a result of the ideal and cordial relations between the two neighbouring countries.

Credits: INP-WealthPk