The Relationship Between Foreign Direct Investment (FDI) And Development: A Political Economy Analysis Of China Pakistan Economic Corridor (CPEC)
DOI:
https://doi.org/10.21015/vtess.v9i1.807Abstract
While foreign direct investment (FDI) and development are generally considered to be closely intertwined together, yet the empirical evidence suggests that the effects of FDI on development considerably vary across countries and regions. This dissertation aims to explore the relationship between FDI and development through an analysis of ‘China-Pakistan Economic Corridor (CPEC)’. CPEC like other corridors in the region is an umbrella term used to embody the portfolio of investments in different sectors undertaken by the Chinese Government in Pakistan under its ‘One Belt One Road (OBOR)’ initiative. According to the core tenets of the Liberal School of Thought, all sorts of economic activities be that international trade, international financial transactions, FDI and the like invariably accrue in a win-win situation for all actors. Given the complexity of issues concerning the CPEC, the liberal view and the explanatory power of the paradigm, however, turns out to be relatively myopic. Instead, this dissertation has employed a political economy framework to examine both the promises and perils associated with CPEC. Data for the study was collected primarily from secondary sources and in very rare cases in-depth interviews were also conducted. The findings evince that CPEC offers both promises as well as limitations for development in Pakistan. While investment under CPEC is anticipated to generate opportunities for infrastructure (both physical as well as digital) development, industrial growth, revenue and employment generation and the like, it has also led to the creation of winners and losers at both the national as well as international levels. At the national level, some provinces have already raised notable grievances over the manipulation by the top brass within Muslim League-N of financial flows and the allocation of development projects thereof. At the global level, CPEC is considered as a conduit to facilitate access by the Chinese companies to the Mediterranean and African markets. In so doing, CPEC poses challenges to both the economic interests as well as the economic hegemony of other important actors within and beyond the so-called region. The findings thus imply that economic activities such as FDI do not necessarily foster development. Sometimes the potential outcomes can turn out to be absurd and against the grains.
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