CPEC and Its Potential Benefits to the Economy of Azad Jammu and Kashmir, Pakistan

Abstract

Historically, both Pakistan and China have deep ties of friendship in different ways. Significantly, these ties have strengthened the geopolitical cooperation along with the strategic impetus for both countries in the region, although the socioeconomic aspect has been focused but not prioritized. To address this matter, in 2013 a milestone was achieved between Pakistan and China on economic cooperation to strengthen and accelerate economic relations. This project has great importance not only for the expansion of trade and industry in the region, but for the connection of the Pakistani and Chinese people to the rest of the world. The major objective of this study is to explore the economic and strategic importance of the China Pakistan Economic Corridor (CPEC) and to find out its impacts on the development of Azad Jammu and Kashmir, Pakistan. It can be concluded that CPEC will contribute to the socioeconomic development and expansion of industries in Pakistan. Simultaneously, it will contribute to the development of infrastructure, industry, tourism, connectivity, energy, food, livestock and the social fabric in Azad Jammu and Kashmir. Finally, this study proposes some recommendations for policymakers to capitalize on this megaproject.