Seaports have always played a key role in the economic development of countries and regions. In this context, the development of Gwadar port as part of China Pakistan Economic Corridor is a major development for the whole of Asia in general and resource rich countries of Central Asia in particular, since they have no other port in proximity through which they can interact with the world at large for global trade. Gwadar’s strategic location near International Sea Lines of Communication not only makes it an ideal port for countries across Asia, but also gives it the distinction of connecting South Asia with the markets in Africa, Europe & the Middle East in the most effective manner.
To capitalize on the rich potential of Gwadar port, Gwadar must be developed in line with international standards infrastructurally. In this regard, both Pakistan and China termed the development of Gwadar a core project of China Pakistan Economic Corridor (CPEC) in 2015. For several years, policy experts in both countries collaborated over how to equip Gwadar with state-of-the-art infrastructure so that it can deal effectively with global trade. In October 2019, both countries achieved a milestone when Chinese state builder China Communications Construction Company in collaboration with Pakistan’s Planning Ministry and Reform and Gwadar Development Authority (GDA) chalked out a 75-page Master Plan document entitled “Gwadar Smart City Master Plan” which is a blueprint for industrially advanced Gwadar city.
Gwadar Master Plan is a roadmap for developing Gwadar into a trading and economic hub of Asia over a time span of 33 years from 2017 to 2050. The plan envisages Gwadar to be the top city in Pakistan in terms of economic output by 2050 with features including high paid jobs, tax-free environment, high-tech industries, mega shopping malls, luxury resorts, man-made islands, and Pakistan’s largest international airport. The plan predicts that the coastal city will surpass the current trading hub of Pakistan-that is Karachi- by 2030 as it becomes a key route for trade with the Middle-East, Afghanistan, Central Asia, and China, thus becoming the leading trading center of Asia. Also, the plan envisions Gwadar to be the first weapon-free city that will be equipped with international exhibition centers, multiple theme parks, luxury 5-star resorts, botanical gardens, and museums.
Gwadar will attract a large number of skilled workers and professionals on its way to become a technological, industrial, and high-tech service hub of South Asia. It’s projected that the city’s population will exceed up to 2 million in the long term in which 80% of the population will be that of high-paid expatriate professionals. The coastal city will create 1.2 million jobs for skilled workers and professionals with economic output exceeding $30 billion. Moreover, its contribution to Pakistan’s economy will exceed $200 billion by 2050.
In coping with such a massive influx of expatriate professionals and industries, It is expected the demand of residential units will increase. It is forecasted that 15800 new homes by 2025, 47600 by 2030, and 254500 by 2050, according to Gwadar Smart City Master Plan. In this regard, a lot of residential and commercial projects are currently underway in Gwadar. Majority of the investors are showing keen interest to be a part of the latest developments in Gwadar as the coastal city promises lucrative returns on investment.
