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CPEC: A road towards peace, stability and prosperity

08:54 PM | 28 Dec, 2016
CPEC: A road towards peace, stability and prosperity
Pakistan-China is progressing fast, in the coming years, Pakistan could be seen as an economically stable and more secure state. 

Currently, the China Pakistan Economic Corridor (CPEC) has been a hot topic of discussion. Basically, CPEC, also known as the project of multiple roads of one corridor, has its major alignments with Pakistan through western, eastern and central fronts that are connected through highways and railways. However, the western alignment is believed to be the most important one because it has opened the doors of prosperity and development in Baluchistan and KPK. This will be the route on which Chinese investors will establish their manufacturing units, increasing the employment opportunities in these remote areas.

Moreover, this one belt one road project aims to connect Gwadar port in southwestern Pakistan to China’s southwestern autonomous Xinjiang region, providing a network of highways, railways, and pipelines to transport oil and gas. As Pakistan is located at the crossroads of South Asia, therefore, this advantage would greatly benefit China through the reduction of tariffs and fees on the Chinese freight that passes through this route.

During his visit to Pakistan, Chinese Premier Li Keqiang in May 2013, proposed that the CPEC will act as a bridge for the new Maritime Silk Route that foresees linking three billion people in Asia, Africa and Europe.

Furthermore, CPEC is beneficial for both Pakistan and China and could be seen as a major development between the two countries. The China-Pakistan Economic Corridor (CPEC) will bring about $70 billion annual revenue in the form of transit fees. This amount of money can be used to fund several projects in Pakistan for power generation as well as for completing the Pakistan-Iran Gas pipeline. Besides, the free network of highways, free power projects, convenient connectivity between all the provinces could be considered a way to deal with the problems of unemployment.

Presently, a much-heated debate over China and Pakistan’s new economic cooperation corridor has gained attention. CPEC is believed to be a threat by some of the western states, Europe, specifically the United States and India. China is an emerging economy and the fact that the paradigm of power has been shifting from west to east, and it has become clear that the United states and India will leave no stone unturned to restrain the project.

Despite all the obstacles, the importance of CPEC cannot go unnoticed. Gwadar to Kashgar route will not only decrease the distance between China and the resourceful Middle East, but it would also provide a secure oil route to China. Chinese government, however, is investing $46 billion in order to continue the trade through Gwadar port which is located in the forefront of Strait of Hormuz which is the pathway of $40 trillion trade in a year; moreover, it will decrease the shipping cost of China to the Middle East and other developing and African countries.

Currently, Pakistan army’s Chief General Qamar Jawaid Bajwa has expressed hope that the timely completion of this project would usher in a new era of development in the region. Further, he said the development in the Baluchistan area would ensure peace and stability in the country which our enemies don’t want.

Finally, the project not only enhances Pakistan’s economic infrastructure but also boosts all other areas of development from agriculture to manufacture, society to education, employment and security.

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Pakistani rupee sees marginal decline against US Dollar, Euro, Dirham, & Riyal; check forex rates

Pakistani rupee witnessed marginal losses against US dollar, and other currencies in the open market.

Dollar Rate in Pakistan Today

On Wednesday, the dollar was being quoted at 285.6 for selling and 288.65 for buying purposes.

Euro price stands at 312 for buying and 315 for selling. British Pound rate stands at 360 for buying, and 363 for selling.

UAE Dirham AED stands at 78.25 whereas the Saudi Riyal also witnessed fall and new price stands at 76.25.

Today's currency exchange rates in Pakistan - 29 November 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.6  288.65 
Euro EUR 312  315 
UK Pound Sterling GBP 360  363
U.A.E Dirham AED 78.25  79
Saudi Riyal SAR 76.25 77.25
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 750.11 758.11
Canadian Dollar CAD 209 211
China Yuan CNY 39.58 39.98
Danish Krone DKK 41.38 41.78
Hong Kong Dollar HKD 36.24 36.59
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.55 1.63
Kuwaiti Dinar KWD 914.36 923.36
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 741.26 749.26
Qatari Riyal ‎QAR 77.63 78.33
Singapore Dollar SGD 211 213
Swedish Korona SEK 26.93 27.23
Swiss Franc CHF 320.1 322.6
Thai Bhat THB 8.01 8.16

Gold rates see big increase in Pakistan; Check today gold price here

KARACHI – The gold price moved up down in the local market in line with massive increase in international market.

Gold Rates in Pakistan Today - 29 November 2023

On Wednesday, the single tola of 24 Karat gold was available at Rs218,000, and the price for 10-gram gold saw an increase of Rs943 to reach Rs186,900.

Meanwhile, the 22 Karat Gold price stands at Rs199,830, 21 karat rate for each tola is Rs190,750 and 18k gold rate hoveres around Rs163,500.00.

In international market, the price of precious metal went up by $29 to settle at $2,044 per ounce.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 218,000 PKR 2,610
Karachi PKR 218,000 PKR 2,610
Islamabad PKR 218,000 PKR 2,610
Peshawar PKR 218,000 PKR 2,610
Quetta PKR 218,000 PKR 2,610
Sialkot PKR 218,000 PKR 2,610
Attock PKR 218,000 PKR 2,610
Gujranwala PKR 218,000 PKR 2,610
Jehlum PKR 218,000 PKR 2,610
Multan PKR 218,000 PKR 2,610
Bahawalpur PKR 218,000 PKR 2,610
Gujrat PKR 218,000 PKR 2,610
Nawabshah PKR 218,000 PKR 2,610
Chakwal PKR 218,000 PKR 2,610
Hyderabad PKR 218,000 PKR 2,610
Nowshehra PKR 218,000 PKR 2,610
Sargodha PKR 218,000 PKR 2,610
Faisalabad PKR 218,000 PKR 2,610
Mirpur PKR 218,000 PKR 2,610

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