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Major Chinese Companies Report CPEC Risks For The First Time; plans to change office

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Chinese companies first reported series of risks in China-Pakistan Economic Corridor (CPEC) projects in Pakistan under China’s Belt and Road Initiative and even threatened to relocate their headquarters social in the country in a safer place. China Harbor Engineering Corporation (CHEC), a subsidiary of China Communications Construction Company, listed the security environment, bureaucratic delays and anti-Chinese sentiments among other challenges associated with projects in Pakistan and called the country a proposal. at high risk, people in the know. of the material.

CHEC is involved in the port of Gwadar, considered the jewel of the CPEC. Besides CHEC, China Shipbuilding Offshore Corporation highlighted the grim security situation in Pakistan. He categorized the risks into eight sections: political instability under Imran Khan’s government, social instability due to terrorist attacks, economic uncertainty and the risk of default, volatility of Pakistani rupees, depletion of Pakistan’s foreign exchange reserves, foreign exchange rate. higher taxation for Chinese companies in Pakistan, project delays and limited measures to control Covid-19 in recent months.

Among other things, CHEC plans to build LNG terminals, a bridge at the port of Karachi and possibly a maintenance base for the Pakistani Navy for warships on the east side of Gwadar port, people in the know. CHEC suggested some measures to improve the situation, including improving China’s image among Pakistanis, improving the security mechanism to prevent any attack on the projects, and training Chinese workers on local laws in Pakistan. . Chinese academics also pointed out that Pakistan faces a plethora of challenges ranging from regional disparities to ethnic separatism to religious conflicts to terrorism that often impact the investment environment. Two studies, conducted by Henan Normal University and PLA University of Information Engineering, also expressed concern over the unrest in Balochistan.

The CPEC is the most ambitious component of the Belt and Road initiative. Initially valued at $ 47 billion, the value of CPEC projects rose to $ 62 billion as of 2020. CPEC was intended to rapidly modernize the infrastructure required by Pakistan and strengthen its economy by building transportation networks. modern, numerous energy projects and special economic zones. The project violates India’s sovereignty as it passes through Pakistan-occupied Kashmir and pushes Pakistan into a debt trap, critics say.

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2/ https://economictimes.indiatimes.com/news/defence/top-chinese-firms-red-flag-risks-over-cpec-for-first-time-mulls-shifting-office/articleshow/84175956.cms

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