Gwadar’s smart port city’s contribution in Pakistan’s Gross Domestic Product (GDP) can rise up to US$200 billion to $300 billion by 2050.
According to a forecast by ministry of planning and development, the contribution of Gwadar in Pakistan’s economy will rise to $6 billion in short term by 2025 and $24 billion in 2035.
Gwadar Smart Port City Master Plan is a vital part of the multi billion dollar China Pakistan Economic Corridor (CPEC) which after completion will transform the port city into a hub of industrialization, commercial activity and international marine trade.
As the city will grow, it will also create a huge number of employment opportunities for the local as well as for the people hailing from other parts of the country, an official in the ministry said.
Similarly the per capita income of the citizens of Gwadar city will be around $2000 in 2025 while it will rise to $4000 by 2035. According to the long term forecast, the per capita income of the city will further surge to around $10,000 to $15,000.
More Job Opportunities
The official further stated that the development of the port, free zone and industrial zones will create huge job opportunities and the employed population is expected to reach 9000 to 12000 in short term, 24000 to 30,000 in medium term, while 100,000 to 120,000 in the long term. The labor participation expected to be increased and Gwadar will become a productive and efficient city.
The Gwadar master plan was developed way back in 2006, and it got delayed due to flaws and lack of interest by the past governments.
However back in August 23 this year, the governing body of Gwadar Development Authority accorded final approval to the Master Plan while the feasibility study (PC-II) for implementation of Gwadar Smart Port City Master Plan was approved by Balochistan Provincial Development Authority (PDWP) at a total cost of Rs. 300 million on November 13, 2019.
Under the plan, the government is planning to build diversified, prosperous, dynamic, and green industrial system so as to achieve fast economic growth and establish a new engine for regional economy.
In the short term, Gwadar advantages in fisheries and geographical location will be given advantage, with focus on its competitive industry.
The post Gwadar’s Contribution in Pakistan’s GDP to Cross $200 Billion by 2050 appeared first on .