The federal government has decided to allocate 50% of public sector imports to Gwadar Port.
In collaboration with the Special Investment Facilitation Council (SIFC), the federal government has decided to direct 50% of public sector imports to Gwadar Port to strengthen its financial position.
Following Prime Minister Shahbaz Sharif’s visit 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 relevant officials will consider the Chinese offer for the ML-1 project from Karachi to Hyderabad and present it at the next cabinet meeting.
The Federal Minister for Planning, Development, and Special Initiatives will also play a crucial role in facilitating the transfer of Chinese companies to Pakistan, by stabilizing the activities of the ministries of trade, industry and production, finance, and the Board of Investment.
The Board of Investment and the Ministry of Commerce have been tasked with preparing a comprehensive plan for Pakistani firms to participate in the Shanghai International Import Expo from November 5 to 10, 2024, in collaboration with SIFC.
Following the Prime Minister’s visit to China, the Minister for Planning will stay in contact with Chinese experts to ensure timely reports on investment, trade, and industry.
Gwadar Port is a key component of the China-Pakistan Economic Corridor (CPEC), providing a crucial trade route between China, the Middle East, Africa, and Europe.
Currently, Gwadar Port can accommodate two large vessels and is expected to handle 150 vessels by 2045.
The development of the port will enhance regional connectivity, create job opportunities, and stimulate economic growth by attracting foreign investment.
The expansion of Gwadar Port is expected to increase national and international trade activities, paving the way for economic benefits and stability for Pakistan.