50pc of govt imports to be brought to Gwadar port

Islamabad: The federal government has decided to bring 50 percent of government imports to Gwadar port.

With the support of Special Investment Facilitation Council (SIFC), the federal government has decided to divert 50 percent of public sector imports to Gwadar Port to make it financially stronger.

After the visit of Pakistan Prime Minister Shehbaz Sharif to China, it has been decided that the Ministry of Maritime Affairs will provide the cabinet with a summary of imports through Gwadar. Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal and the concerned authorities will consider the Chinese proposal for the Karachi to Hyderabad section of ML1 and present it in the next cabinet meeting.

The Federal Minister for Planning, Development and Special Initiatives will also play an important role in strengthening the activities of the Ministries of Commerce, Industry and Production, Finance and Board of Investment to facilitate the migration of Chinese companies to Pakistan.

The Board of Investment and Ministry of Commerce along with SIFC have been tasked to prepare a comprehensive plan for the preparation of Pakistani firms for the Shanghai International Import Expo from November 5 to 10, 2024. After the Prime Minister visits China, the Planning Minister will be in touch with Chinese experts to get timely reports on investment, trade, and industries.

It is pertinent to note that Gwadar Port is a key component of CPEC which provides an important trade route between China, the Middle East, Africa and Europe. Gwadar port can anchor two large ships at present and by 2045 it will be able to accommodate 150 ships.

The development of the port will create employment opportunities by increasing regional connectivity. Along with this, the port will also help in attracting foreign investment by stimulating economic growth. The development of Gwadar port paves the way for economic benefits and stability for Pakistan, increasing national and international trade activities.