CPEC At Crossroads: Assessing The Ten-Year Journey, Challenges, And Prospects For Sustainable Development In Pakistan

Abstract

The China-Pakistan Economic Corridor (CPEC) is a monumental infrastructure initiative aimed at connecting China's Xinjiang province to Pakistan's Gwadar port, with the goal of boosting trade, investment, and economic growth. Despite its ambitious objectives and increased budget to $62 billion, after a decade of implementation, CPEC has faced challenges in delivering promised benefits, leading to skepticism in the Pakistani public. This research critically evaluates CPEC's failures and successes, examining its importance, financing, objectives, governance, and phases. It analyzes completed and ongoing projects, conducts a SWOT analysis, and evaluates the project through a PESTLE framework. Additionally, a stakeholder analysis highlights the varied interests involved. The study identifies key issues and challenges, including debt burden, environmental impact, security risks, and political instability. Balancing optimism and pessimism, the research suggests strategies to mitigate risks and recommends revitalizing the CPEC Authority, enhancing stakeholder collaboration, and prioritizing transparent, impactful projects. The conclusion reflects on the uncertain future of CPEC, emphasizing the need for addressing challenges to transform it into a success story. Recommendations underscore the importance of transparency, stakeholder engagement, security measures, and regional cooperation to ensure CPEC's positive impact on Pakistan's economy.