Experts said success in developing the China-Pakistan Economic Corridor will serve as an important model for the development of the "One Belt, One Road" initiative at a seminar in Haikou, capital of South China's Hainan Province.
The success of the China-Pakistan Economic Corridor will boost confidence of countries and regions along the route, Pakistani Senator and President of Pakistan-China Institute Mushahid Sayed said during a seminar on the China-Pakistan Economic Corridor Wednesday.
"Pakistan has traditionally been a long-standing all-weather friend to China, and Pakistan is both a part of the Central Asian economic belt through the economic corridor and a part of the 21st Century Maritime Silk Road through the port of Gwadar," Senator Sayed told the Global Times on Wednesday.
"Building ports, pipelines, roads, rail links, infrastructure and IT through the corridor will enhance connectivity between China, Pakistan and South and Central Asia, and the corridor would be a game changer and a win-win development for both countries," Sayed said.
Sayed also revealed that the Karot Hydropower Project, located in Northern Pakistan with an installed capacity of 720 megawatt, will be the first project to receive support from China's $40 billion Silk Road Fund.
The project, with its main sponsor being an investment arm of China Three Gorges Corporation, is expected to alleviate the energy shortage of Pakistan, experts said. The "One Belt, One Road" initiative, which refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, were launched by President Xi Jinping in 2013, under which China aims to support partner countries along the routes in infrastructure construction.
To finance the initiative, China announced in November 2014 it would set aside $40 billion to establish a Silk Road Fund. The fund started operation on December 29, 2014.
The framework of the Silk Road Economic Belt will be a number of economic corridors, including the China-Pakistan Economic Corridor, along key transportation arteries, supported by key cities, trade zones and industrial parks, Fan Hengshan, deputy secretary-general with the National Development and Reform Commission, said at the seminar.
The 21st Century Maritime Silk Road will be supported by key ports along the route to ensure smooth, and safe passage of transport and trade, Fan said.
Deals concerning the corridor are currently mainly focused on energy and infrastructure projects such as ports and roads. But Brad Cable, a senior managing director at management consultancy Accenture, urged planners not to lose sight of digital infrastructure.
"In the modern world the digital infrastructure will be as important as physical infrastructure. And it is much easier to export and import digital infrastructure and share it than physical infrastructure," Cable told the Global Times Wednesday.
