2019 was always going to be a big year for the strategic port city of Gwadar on the south west coast of Pakistan. A number of projects were already in the pipeline and have since been rubber stamped by the Pakistan and Saudi governments respectively but there’s even better news for investors in the region.
The latest announcement confirms that Pakistan has pledged to build another shipyard in Gwadar. It will significantly increase the capacity of the port while boosting the aims of the China Pakistan Economic Corridor (CPEC) alliance.
Taking Advantage of Growth in Gwadar
Cash rich companies with the ability to move quickly have known of the potential in Gwadar for some time. It’s a city that forms a focal point of many cpec interests and the coastal areas themselves contain prime land. With this in mind, the Karachi Shipyard and Engineering Works (KSEW) had purchased some of that land in the anticipation of some good news. Accordingly, Prime Minister Imran Khan and his government have given the go ahead for construction to begin.
The Managing Director of KSEW, Rear Admiral Ather Saleem said that the work would be carried out in close conjunction with the Ministry of Defence and the Government of Balochistan where Gwadar is located.
Increased Movement of Ships
Speaking to a delegation of Pakistan Chambers of Commerce and Industry, Ather Saleem said:
“The decision has been taken in view of increased movement of ships and maritime activities at Gwadar Port in the backdrop of China Pakistan Economic Corridor.”
In response, Patron of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), SM Muneer praised the efforts of the KSEW. He went on to state that their work would play a vital part in facilitating trade with other nations as they aided the transportation of cost effective goods.
All of those directly involved are clearly delighted with the news but the latest announcement will also benefit a wider group who have invested in Gwadar Port City.
Latest Announcement Boosts Gwadar’s Future
As a nation, Pakistan’s shipyards are playing catch up with some of their near neighbours but this latest news provides another big boost for cpec and for Gwadar. The city has been in the media spotlight recently due to confirmation from the Saudi’s that a multi-billion dollar oil complex has now been rubber stamped. Earlier in February, it was also confirmed that construction would shortly begin on Gwadar airport which will be the largest in Pakistan.
It’s a boom period for Gwadar as a whole and one that has been underlined by the shipyard developments. Property investors and companies looking to forge a future here should be encouraged with the continual good news stories coming out of the city.