Unlocking Gwadar's Economic Potential: Insights from COPHC CEO at Gwadar Expo 2018
The city's fervor for the event is palpable; accommodations are fully booked, and Pakistan International Airlines has increased its Karachi-Gwadar flights to four daily shifts. The local community is buzzing with anticipation, keenly aware of the financial opportunities on the horizon.
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The expo promises the signing of MoUs and agreements worth billions, addressing poverty alleviation through partnerships like the one between COPHC and the Gwadar District Council. Pakistan State Oil's agreement with the Gwadar Port Authority for a crude oil storage facility is another milestone. Sister port status with a Chinese port and a sister city relationship with a Chinese coastal city are also on the horizon.
The CEO, Baozhong, reflected on the Free Zone's development, emphasizing the critical role of an industrial zone near the port in ensuring commercial viability. With robust infrastructure in place, including power supply, water, roads, and security, the Gwadar Free Zone stands on par with industrial parks in the developed world.
The city's fervor for the event is palpable; accommodations are fully booked, and Pakistan International Airlines has increased its Karachi-Gwadar flights to four daily shifts. The local community is buzzing with anticipation, keenly aware of the financial opportunities on the horizon.
In Gwadar, real estate and fish processing are the economic lifelines. Local realtors report a staggering 400-fold increase in land prices in recent years, putting them on par with Karachi. However, the political instability post-Nawaz Sharif's tenure has left investors cautious.
The inauguration of Phase-I of Gwadar Free Zone adds another layer of significance to the expo. The participation of Japanese, American, and Chinese companies, including Huawei, China Communication Construction Company, and China Ocean Shipping (Group) Company, underscores its international character.
P.c. The News International
Currently providing employment to 2,000 locals in Phase-I, the project's full implementation is anticipated to create 40,000 jobs for the community while boosting Pakistan's foreign currency earnings through increased exports.
Baozhong concluded optimistically, stating, "The technical exchange happening here will elevate Pakistani enterprises into global players. The Free Zone's success is intertwined with the country's economic progress, and we are honored to be part of this transformative journey."