China’s investment in CPEC to cross $100 billion: Report

China’s investment in CPEC to cross $100 billion: Report

ISLAMABAD: According to Planning Commissions Center of Excellence (COE) for CPEC has evaluated China’s overall contribution to Pakistan’s development could go over $100 billion by 2030.

As per estimates of COE, the ongoing and upcoming development projects would add to China’s total contribution crossing $100 billion by 2030, reported The News.

Executive Director, COE, Dr Shahid Rashid in a press briefing at Pakistan Institute of Development Economics (PIDE) on Thursday said total cost of CPEC projects had risen from $46 billion to $62 billion and it is expected the cost would further rise to $100 billion by 2030 by addition of more projects under CPEC.

Mr. Rashid said COE for CPEC had been tasked with carrying out evidence-based research on different aspects of the project and told about grants to be provided to 107 researchers across the country.

When asked about influence of CPEC on Pakistan’s rising trade and current account deficits, he said studies were being carried out to improve trade balance with China but highlighted this project wouldn’t resolve all economic ills of the country.

He told over 39 projects financed under CPEC and $29 billion projects were in advanced stages of completion under early harvest programme.

COE for CPED added Pakistan could gain a lot from China’s plan to relocate some of its industries but it was significant for Islamabad to grab this chance as Beijing was planning to relocate industries in over 68 countries where projects were being undertaken under One belt, One road (OBOR) initiative.

Regarding Gwadar port’s handing over to China Overseas Port Holding Company Limited (COPHL), he said it was given the same terms as Singapore Port Authority (SPA) but the latter didn’t do any development at all.

COPHL has been granted hold of Gwadar Port on built, operate and transfer (BOT) basis and would break-even within five years’ time.