Game Changer for Pakistan: Significance of Gwadar for Pakistan Economy & Factors of Underutilization of Gwadar Port
DOI:
https://doi.org/10.58932/MULG0017Keywords:
Transit hub, Strategic location, Economic growth, Gwadar Free Zone, Special economic zone, China-Pakistan Economic Corridor (CPEC), Belt and Road Initiative (BRI)Abstract
Gwadar is a game-changer for Pakistan's economy because of its tremendous potential for growth and development across many industries. The Pakistani government initiated the Gwadar Port Project in the early 2000s with the goal of making the deep-sea port a significant entrance point for trade and business, linking Pakistan with the Middle East, Central Asia, and other regions. The project was built and run mostly by China, with financial support from Pakistan.
China-Pakistan Economic Corridor (CPEC) initiative will play a significant role in the development of Gwadar, which is now viewed as a strategic asset for Pakistan and China's economic interests. CPEC aims to connect China's western region with the Gwadar port through a network of highways, railways, and pipelines. Gwadar is an essential part of China's Belt and Road Initiative (BRI), a vast infrastructure and development project that aims to improve regional connectivity and promote economic growth throughout Asia and beyond.
Gwadar is a key strategic asset for Pakistan's economy with the potential to fundamentally alter the country's trade and commerce environment. It is located at the junction of crucial trade and energy routes and has the potential to become a gateway to the rest of the globe, connecting Pakistan to Central Asia, the Middle East, and beyond. Thanks to its deep-water facilities and advantageous location, the port makes a perfect transit point for both international trade and energy supplies via pipelines and other infrastructure. The Gwadar Free Zone, a special economic zone within the port, aims to attract investment and provide a business-friendly environment for businesses. This will enhance possibilities.
Pakistan has a coastline of approximately 1,050 kilometers along the Arabian Sea, making it a country with significant potential to harness the benefits of the ocean for its economy. Pakistan can harness the benefits of the ocean for its economy by investing in its fishing industry, shipping industry, offshore oil and gas exploration, tourism industry, and renewable energy sector. The government must ensure sustainable and responsible use of ocean resources while promoting economic growth.
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