QUETTA: With inflation and unemployment continuously increasing, the multi-billion dollar project China-Pakistan Economic Corridor (CPEC) has assumed more importance with its potential to encourage investors to invest and bring more employment opportunities.
It was yet another practical manifestation of Pakistan-China relations when this mega project was inked, marking the start of a new era of development for Pakistan.
The port city of Gwadar is going to be the center of business activities in the future, where 70 to 80% percent of locals are attached to the fishing business, while the remaining 20 to 30 per cent is with border trade.
Chairman China Overseas Port Holding Company YO BO said that the Pak-China joint mega venture’s decade-long stewardship had significantly transformed Gwadar from a modest village into a thriving modern city, according to APP.
Mega Projects Under CPEC in Gwadar
He said that as the majority of the fishermen in the area have no technological knowledge, they will be provided with technology and other facilities under the CPEC to enhance breeding and grow seafood business through innovative means.
China’s Investment in Gwadar
He underlined China’s substantial investments in the growth of Gwadar, including the construction of the airport, healthcare services and other infrastructure.
The Gwadar Free Zone, which came under the auspices of the Free Zone Company in 2018, has already set up a vibrant phase 1, spanning over twenty-five hectares adjacent to the port, attracting 6 companies to launch their businesses.
The Gwadar port is fully operational and equipped to manage both exports and imports.
According to official data, from 2022 to 14 June 2023, nearly 637,124 metric tons cargo have been landed in Gwadar.
