GWADAR Smart Port to earn $300 billions for Pakistan under CPEC, reveals stunning report
ISLAMABAD - The contribution of Gwadar’s smart port city in Pakistan’s Gross Domestic Product (GDP) will rise up to US$200 billion to $300 billion by 2050.
According to a forecast by ministry of planning and development, the contribution of Gwadar in Pakistan’s economy would rise to $6 billion in short term by 2025 and $24 billion in 2035.
Similarly the per capita income of the citizens of Gwadar city would be around $2000 in 2025 while it would rise to $4000 by 2035. According to the long term forecast, the per capita income of the city would further surge to around $10,000 to $15,000.
Gwadar Smart Port City Master Plan is a vital part of the multi billion dollar China Pakistan Economic Corridor (CPEC) which after completion would transform the port city into a hub of industrialization, commercial activity and international marine trade.
As the city would grow, it will also create a huge number of employment opportunities for the local as well as for the people hailing from other parts of the country, an official in the ministry said.
He said the development of the port, free zone and industrial zones will create huge job opportunities and the employed population is expected to reach 9000 to 12000 in short term, 24000 to 30,000 in medium term while 100,000 to 120,000 in long term. The labor participation will also be increased and Gwadar will become a productive and efficient city.
The Gwadar master plan was developed way back in 2006, and it got delayed due to flaws and lack of interest by the past governments. However on August 23 this year, the governing body of Gwadar Development Authority accorded final approval to the Master Plan while the feasibility study (PC-II) for implementation of Gwadar Smart Port City Master Plan was approved by Balochistan Provincial Development Authority (PDWP) at a total cost of Rs 300 million on November 13, 2019.
Under the plan, the government is planning to build diversified, prosperous, dynamic, and green industrial system so as to achieve fast economic growth and establish a new engine for regional economy.
In the short term, Gwadar advantages in fisheries and geographical location will be given full play, with focus on its competitive industry.—APP