CHINA-PAKISTAN ECONOMIC CORRIDOR (CPEC)’S RELEVANCE AND POTENTIAL OPPORTUNITIES FOR ARABIAN PENINSULA

Abstract

In 2000, world leaders gathered at United Nations (UN) Headquarters to adopt UN General Assembly’s Millennium Declaration. Kingdom of Saudi Arabia (KSA) desires to implement Vision 2030 known as National Transformation Plan (NTP) referred as Vision 2030 hereafter in this study. Vision 2030 aims at diversification of economic foundations to attract foreign direct investment (FDI) by raising its graph from 3.8% to 5.7%. However, its successful implementation relies on external economic linkages particularly investment in China-Pakistan Economic Corridor (CPEC). Islamabad requires external investment to achieve economic objectives. CPEC project transformed into China-Pakistan Saudi Arabia Economic Corridor (CPSEC) extended into China-Pakistan Saudi Arabia United Arab Emirate Economic Corridor (CPSUEC) is Islamabad’s diplomatic triumph. CPEC is transforming geo-strategic framework into more viable and beneficial geo-economic framework to ensure economic progress and sustainable development at regional level. Qualitative method was adopted for the completion of this academic paper. Paper concludes enhanced economic interdependence mitigates suspicions, replaces regional rivalries, proxies and cold war with sustainable economic development, lifts masses out of poverty and ensures bright future for the cooperating states.