SUSTAINABLE DEVELOPMENT UNDER BELT AND ROAD INITIATIVE: A CASE STUDY OF CHINA-PAKISTAN ECONOMIC CORRIDOR’S SOCIO-ECONOMIC IMPACT ON PAKISTAN

Abstract

Railways, airports, highways, seaports, and an optical fiber system are all part of the plan to revive the historic Silk Road and reestablish communication between China and Africa, the Middle East, and Europe. There are three parts to the BRI, or Belt and Road Initiative. The BRI is the foundation for One Belt, One Road (OBOR), which focuses on the seaborne Silk Road and the land-based Silk Road Economic Belt. Six economic arteries form the backbone of OBOR. After its completion, the China-Pakistan Economic Corridor (CPEC) would offer a secure and cost-effective way for China to purchase oil and energy from the Middle East and beyond.

Many initiatives to enhance Pakistan's infrastructure and economic growth have been launched as part of CPEC, which is a multifaceted project with many goals. Economic expansion is impossible without the development of infrastructure, which in turn facilitates industrialization. This research was done in Pakistan and examined the benefits of CPEC-funded infrastructure development for the country's long-term progress, as well as the specific types of infrastructure improvement projects that have been included in the CPEC. A sample of 500 respondents was obtained by a multistage sampling procedure from the two-node cities. The basic data came from a survey questionnaire. The findings of the research suggest that the CPEC is a catalyst for Pakistan to enhance its socio-economic circumstances and to achieve sustainable growth. Respondents to the study were unanimous in their belief that CPEC would assist Pakistan accomplish its sustainable development objectives and enhance the country's socioeconomic paradigm.