The China-Pakistan Economic Corridor (CPEC) is a multibillion-dollar infrastructure project that has catapulted bilateral relations between Pakistan and China to unprecedented heights. The CPEC is intended to promote the creation of links between Pakistan and the road network, railways, and pipelines, as well as energy, industrial, and other infrastructure projects, in order to address Pakistan's urgent energy shortfall. The development of the CPEC would result in the development of infrastructure, which will have a favourable impact on Pakistani tourism.
Swat, Naran, Kaghan, Muree, and other parts of Pakistan are rich in natural beauty. As more and new railway and road infrastructure is developed, it will benefit not only trade but also other factors such as employment, tourism, rural development, and rural-urban connectivity.
Aside from the aforementioned benefits, tourism, which is an important industry in Pakistan, will witness a significant increase as a result of the CPEC. Pakistan is home to some of the world's tallest mountains, including K2, as well as a diverse environment of mountains, glaciers, lakes, and valleys. It also contains five summits above 8,000 metres, in addition to more than 50 more peaks above 7,000 metres. As soon as the CPEC is operating, mountaineers from all over the world will swarm to Pakistan.
Increased Chinese investment in Pakistan's tourism sector via CPEC, which will offer new investment opportunities after the construction of roads and railroads to connect the two countries. Cheng Xizhong, China’s former Defense Attache in South Asian countries believes that the tourism sector can be developed in a variety of ways. To begin with, Pakistan's tourism business is now in the participation stage of the development life cycle of tourist sites, thus market segmentation and attracting foreign adventure travellers should be prioritised. Second, in recent years, Pakistan's security situation has gradually improved. Pakistan's administration should build on its successes in combating terrorism and ensuring stability. Pakistan's security authorities should, in particular, improve the security protection of foreign projects and people to provide international tourists a sense of security. Third, decisive steps should be done to halt the spread of Covid-19's second wave.
According to the World Travel & Tourism Council (WTTC), the tourism industry contributed 5.9% to Pakistan's GDP in 2019, producing 3.9 million employment. According to expert evaluations, if Pakistan's tourist industry expands to the level of China's, its contribution rate to GDP will rise from 5.1 percent to 11 percent, resulting in the creation of an additional 2.37 million jobs.
In order to attract tourists from around Balochistan, seven tourist resorts are being built with an investment of Rs 1 billion. Balochistan Government is also building 10 rest areas along with the coastal highway to facilitate the tourists. To attract fishers and tourists eight floating Jetty’s are also under construction. Five beach parks are also under construction with 250 million. The green boat project will also attract tourists, this project will be undertaken in Rs 500 Million. Plantation of mangrove, Salicornia and coconut will also transform the looks and ecosystem of Balochistan’s coastal belt. Once constructed sunset park of Sanghar housing Gwadar will be a jewel of Gwadar. 22 bedded at Kund Malir. Marine Drive Gwadar
The port, industries, energy, and tourism are all identified as possible revenue sources in the Gwadar master plan. From Khanjrab to Gawadar, the CPEC project offers numerous chances for tourism investment.
The tourism policy is primarily focused on attracting foreign tourists due to the country's enormous potential in the tourism sector. Balochistan province is endowed with awe-inspiring natural beauty and a wide range of climates, and it has the potential to enhance tourism.
Unfortunately, there has been no successful effort to grow the tourism industry in Balochistan. This province has long been overlooked and unappealing to foreign tourists and investment. But now, the Balochistan Coastal Development Authority (BCDA) has planned to initiate public-private partnership projects to create tourism centres. The progress of the BCDA's development projects aimed at encouraging tourism in the province was assessed at a meeting on Saturday presided over by Chief Minister Jam Kamal Khan Alyani. According to BCDA Director-General Babar Khan Kakar the meeting that a master plan for the coastline was being developed, and feasibility studies for five fishing locations had been included in tourism promotion programmes. According to Balochistan Government, tourism resorts would be built at Gadani, Miani Hour, Kund Malir, Ormara, Pasni, Gwadar Marine Drive, and Jewani Sunset Point. The chief minister requested that the relevant authorities reassess the current makeup of BCDA's governing council and propose changes to the statute.
To enhance tourism, high-quality amenities should be offered to both the local and international communities. In order to increase tourism in Balochistan, the law and order situation must be improved. Tourism has been promoted, according to the report, and it has contributed to increased revenue. Tourism can also help to improve diplomatic relations with other countries throughout the world. By increasing the tourism business in Balochistan, Pakistan might earn millions of rupees in foreign cash.
Pakistani currency remains stable against US dollar in the open market on February 26, 2024 (Monday).
In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.
Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.
UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.
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