China-Pakistan Economic Corridor: Pakistan thought that the China-Pakistan Economic Corridor (CPEC) would prove to be a game changer for it, but Dr. Kaiser Bengali said that not much investment came under it.

The same 'ghostly route' for which China took a hefty loan has now become a thorn in the flesh; CPEC is useless.

China-Pakistan Economic Corridor: Pakistan's own economist has now confirmed what the entire world suspected. It was previously said that the China-Pakistan Economic Corridor (CPEC) would transform Pakistan's fortunes. However, renowned Pakistani economist Dr. Qaiser Bengali exposed this claim, stating that no significant investment has come in under this project. Gwadar Port, once described as the "heart" of the project, is also not yielding any economic benefits.

CPEC could not become a game-changer

In a podcast conversation with a Pakistani journalist, he even said that Pakistan's economy is sinking day by day. Kaiser Bengali says, "First, CPEC was being called a game-changer. Then SIFC, Green Initiative, Udaan Pakistan and now minerals. These are just words. They have no real results.

Billions of dollars were spent to build

CPEC was launched in 2013 with an initial investment plan of $46.5 billion. Later, as more projects were added over time, the plan was increased to $62 billion. However, economists now claim that no significant investment has actually come in. They said, "Apart from Lahore's Orange Train, I don't see anything concrete under CPEC." When asked whether the billions of dollars promised under CPEC were loans or investments, he said, "It was a mix of both, but nothing actually came in. Many MOUs were signed, but an MOU is not an agreement—it's just a statement of intent, not a contract."

What is CPEC?

It's worth noting that the China-Pakistan Economic Corridor (CPEC) begins in Xinjiang, China, passes through the Khunjerab Pass in northern Pakistan, and ends at the Gwadar port in Balochistan. Its purpose was to strengthen the transportation network between the two countries, increase investment opportunities in Pakistan, strengthen infrastructure, accelerate economic development, and help alleviate the energy crisis. However, nothing concrete has actually emerged. Dr Bengali has even called it a "ghost road."

What is the problem with Gwadar?

Kaiser Bengali said that Gwadar Port still has only four berths and no ships arrived last year. He said that when he was in Balochistan, he visited Gwadar, but the port gate was locked with a small suitcase-sized lock, and the guard had gone to his village.

Bengali, a former advisor to the Sindh Chief Minister, said that Gwadar cannot become a transit or trade hub because its economic hinterland is more than 1,000 kilometres away. Describing the reality, he said, "We imported three ships of wheat in 2008 just to prove that Gwadar was alive, even though there was no need for it in Gwadar. Then the wheat was brought from Gwadar to Karachi, and the transportation alone cost 2 billion rupees. If the goods had been unloaded directly in Karachi, 2 billion rupees would have been saved."

The Economist stated that Gwadar is not economically viable, and that the port could only become viable if it is connected to Lokandi and Helmand in Afghanistan and a dedicated Afghan transit corridor is established. Until then, Gwadar cannot be economically viable. However, given the current situation with Afghanistan, that country no longer wants to import anything through Pakistan. Afghanistan now prefers Chabahar, and the railway link between Chabahar and Afghanistan has been completed.