Corridor Calculus

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Corridor Calculus : China Pakistan Economic Corridor & China's Comprador Investment Model in Pakistan 4. Zonergy 900 MW solar project 11 5. Jhimpir 100 MW wind-power project The investment envisaged through CPEC is not a one-shot infusion of tens of billions of dollars; the Chinese investment will be spread over a 15-year period from 2015 to 2030. The bulk of the investment, between $35 billion and $37 billion is for power projects and only around $9 billion to $10 billion (including around $5.9 billion for road projects and $3.7 billion for railway projects) is for infrastructure projects — roads, railways, ports, airports, fibre optic cable — that will connect Kashgar to Gwadar and form the spine 12 of the CPEC. Given this skewed pattern of investment, the question arises whether the power projects are paving the way for infrastructure projects or vice versa. There is also a proposal to set up special economic zones (SEZs) in all the provinces which will give a fillip to industrial and economic activity in 13 Pakistan. The expectation is that China will shift to Pakistan many of the labour-intensive industries that are becoming uncompetitive in China due to rising labour costs. But even these are going to come only after the power projects come online because the crippling power shortages that exist in 14 Pakistan have rendered the plans for SEZs and industrial parks unviable. As far as the power projects are concerned, most of them are private investments by Chinese companies with sovereign guarantees and very high 15 rates of return on equity. The infrastructure projects are to be financed to the tune of 85% through concessionary loans by China. 11 Irfan Haider, 'Details of agreements signed during Xi's visit to Pakistan', DAWN 20/4/2015, accessed at http://www.dawn.com/news/1177129 12 Khaleeq Kiani, 'Pakistan has to keep pace with China on economic corridor: Iqbal', DAWN 18/04/2015, accessed at http://www.dawn.com/news/1176695/pakistan-has-to-keep-pace-with-china-on-economic-corridor-iqbal; Also see “Economic Corridor: Pakistan, China to set up work on framework accord”, Express Tribune 13/03/2015, accessed at http://tribune.com.pk/story/852339/economic-corridor-pakistan-china-to-step-up-work-on-framework-accord/ 13 Mehtab Haider, Govt proposes 29 industrial parks, 21 mineral zones under CPEC', The New International 26/07/2015, accessed at http://www.thenews.com.pk/Todays-News-13-38785-Govt-proposes-29-industrial-parks-21-mineral-zones-under- CPEC; Also see Asim Yasin, 'Ahsan Iqbal succeeds in hammering out consensus on CPEC route', The News International 30/05/2015, accessed at http://www.thenews.com.pk/Todays-News-13-37743-Ahsan-Iqbal-succeeds-in-hammering-outconsensus-on-CPEC-route 14 Noor Aftab, 'Govt defers plan of CPEC industrial parks', The News International 15/09/2015, accessed at http://www.thenews.com.pk/Todays-News-13-39667-Govt-defers-plan-of-CPEC-industrial-parks 15 'Power requirement: Higher return on energy projects surprises senators', Express Tribune 17/09/2015, accessed at http://tribune.com.pk/story/763170/power-requirement-higher-return-on-energy-projects-surprises-senators/ 8
Corridor Calculus : China Pakistan Economic Corridor & China's Comprador Investment Model in Pakistan Timelines and Phases The CPEC programme is to be implemented in two phases. In the first phase, the trade and transport corridors are to be put in place and, in the second phase, the SEZs and economic nodes will be developed. The first phase has what are called the 'Early Harvest Projects', which are to be accorded high 16 Source: http://www.mappk.com/pak-china-economic-corridor-western-route-map/ 9
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