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What is the importance of Pak- China Economic Corridor for Pakistan?
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met with Premier Li Kequiang in China to discuss further plans. While the project took shape during Sharif's tenure, the vision for an economic route stretches as far back as the Musharraf era.
In November 2014, Chinese government announced that it will finance Chinese companies to build $45.6 billion worth of energy and infrastructure projects in Pakistan as part of CPEC. Documents quoted by Reuters show that China has promised to invest around $33.8 billion in various energy projects and $11.8 billion in infrastructure projects which will be completed by 2017 at most. The deal includes $622 million for Gwadar Port. According to Reuters, under the CPEC agreement, $15.5 billion worth of coal, wind, solar and hydro energy projects will add 10,400 megawatts of energy to the national grid of Pakistan.
On 20 April 2015, Pakistan and China signed an agreement to commence work on the $46 billion agreement, which is roughly 20% of Pakistan's annual GDP, with approximately $28 billion in immediate projects and the rest allocated for projects in the pipeline.
The deal includes a $44 million fibre optic cable and will add 10,400 Megawatts to Pakistan's energy grid through coal, nuclear and renewable energy projects. Also included are major upgrades to Pakistan's transport infrastructure, including:
Karakorum Highway (Havelian in the Abbottabad District to Thakot)
Karachi-Lahore Motorway (Multan to Sukur)
The Gwadar Port East Bay Expressway Project
Gwadar International Airport
The plan also includes projects to address climate change, joint research in cotton Biotech and marine research, cooperation between China's General Administration of Press and Publication and Pakistan's Ministry of Information and Broadcasting as well as an agreement between China Central Television, PTV and the Pakistan Television Foundation on the rebroadcasting of CCTV news and documentary programs in Pakistan.
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When corridor is built it will expand number of Merchandise routs between china and Pakistan. The energy security is key alarm for china that china is the world biggest country for oil importer and oil pipelines through Pakistan from china that cut the sea ocean Southeast Asia.
China has a big plans to construct oil industry adeptness refinery at gwadar port, with oil transfer to its Xinjiang Uighur Autonomous Region through its roads and pipelines. The EPEC has considered economically critical to Pakistan in helping it drive economy development. Now the Moody's Investors Service has depict project credit positive for Pakistan. The study of Pew Research Center in 2014 Establish that 78% of Pakistanis have a positive scene of China.
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