QUETTA - With inflation and unemployment looming like never before, the multi-billion dollar China-Pakistan Economic Corridor (CPEC) project has assumed more importance with its potential of encouraging investors for investment and creation of more employment opportunities. It was yet another practical manifestation of Pakistan-China friendship when this huge project was signed marking the beginning of a new era of development for Pakistan.
The port city of Gwadar is going to be the hub of business activities in the future where 70 to 80 percent of locals are attached to fishing business, while the remaining 20 to 30 percent with border trade.
Pak-China joint venture’s decade-long stewardship had remarkably transformed Gwadar from a modest village into a thriving modern city, Chairman China Overseas Port Holding Company, YO BO said.
“Given that majority of the fishermen in Gwadar have no technological knowledge, under the CPEC, they will be provided with technology and other facilities to enhance breeding and grow seafood business through innovative means,” he said. Mr YO BO highlighted China’s substantial investments in Gwadar’s growth including the construction of the airport, healthcare facilities and other infrastructure. The Gwadar Free Zone, which came under the auspices of the Free Zone Company in 2018, has already established a vibrant phase one, spanning over 25 hectares adjacent to the port attracting six companies to launch their businesses. The Gwadar port is fully operational and equipped to manage both imports and exports. According to official data, from 2022 to June 14, 2023, around 637,124 metric tons cargos have been landed in Gwadar.