How has Gwadar Port and CPEC Helped in Increasing Pakistan’s Growth Rate?

Pakistan’s latest and biggest venture China Pakistan Economic Corridor (CPEC) has started an era of economic growth and progress in Pakistan. China is now investing huge amounts of resources worth billions in the CPEC project.

Gwadar port has central importance in this multibillion-dollar project. The port which is now being built and supervised by the COPHC will play a huge role in making the CPEC project successful and will also be responsible for the socio-economic development of the Baluchistan province and ultimately Pakistan. Many infrastructural projects like Gwadar east-bay expressway and the New Gwadar International Airport are being built on a priority basis and will soon be operational. These infrastructural advancements are necessary for the growth of Gwadar itself. Several other subprojects under CPEC are also contributing to the advancement on a provincial level.

Due to the CPEC project, experts believe that there would be over 500,000 different kinds of jobs created all over Pakistan, though a major concentration will be present in Gwadar. This will also amplify the country’s GDP growth rate by adding another 2.5% points to the current GDP growth which is 5%.

Having a GDP of 7.5% and being a future trading hub would further increase the importance of Gwadar city and expand the operation and activity at its port. Private projects in the residential and commercial sectors of Gwadar would make the city habitable and provide its residents with basic necessities. The desalination plant and various energy projects that will provide over 10,000 MW of energy are being built to facilitate the population residing in Gwadar. The government has also offered local and global investors land for sale in Gwadar.

Luxurious housing schemes which are being supervised by the Gwadar Development Authority are built by various private Real Estate companies, that aim to transform Gwadar into culturally and socially advanced city. These advancements made Gwadar a very profitable city to invest; many people saw this as a golden opportunity and invested in land thus raising the value of Gwadar property prices.