The Pakistan Business Forum (PBF) has commended the joint efforts of China and Pakistan under the Belt and Road Initiative, praising the long-awaited agreement to construct a multi-billion-dollar railway project known as ML-1.
This transformative project aims to connect Pakistan’s northwestern city of Peshawar with the southern port city of Karachi via a 2,600-kilometer track, representing one of the largest projects under the China-Pakistan Economic Corridor (CPEC). ML-1 is of central importance within the CPEC, as it links Xinjiang with Gwadar port, granting access to warm waters and facilitating trade with the Middle East and Europe.
PBF KP Chairman, Muhammad Ashafque Paracha, emphasized that ML-1 will play a pivotal role in the next phase of CPEC projects, giving a significant boost to Pakistan’s local industries, including steel, cement, and manufacturing. However, the project is expected to take a minimum of 10 years to complete and will significantly increase the line capacity, allowing for 134 trains each way per day, with speeds of up to 165 kilometers per hour.
Paracha highlighted the positive impact of CPEC on Pakistan, stating that it has created new economic opportunities, generated jobs, expanded the transportation infrastructure, and resolved power shortages in the country. Additionally, he mentioned that the port of Gwadar has witnessed substantial cargo handling in recent months.
PBF Regional President Peshawar, Danial Ahmed, noted that the new international airport being constructed by China in Gwadar will soon be inaugurated, further enhancing the city’s role as a regional trade and connectivity hub. He also emphasized the significant injection of electricity into Pakistan’s national grid through CPEC energy projects and the upcoming clean energy projects.
Overall, CPEC’s industrial zones are attracting both local and Chinese investors, leading to increased exports and foreign exchange reserves for Pakistan. Despite challenges, such as the ethnic Baluch separatist insurgency in Baluchistan, the region has witnessed substantial CPEC-related investments, particularly in infrastructure development.
In conclusion, Gwadar Port is making remarkable progress, positioning itself to become a vital logistics center and industrial base in the region.
