Gwadar port is a warm-water, deep sea port situated on the Arabian sea at Gwadar in Balochistan province of Pakistan. This port is the major destination in the China Pakistan Economic Corridor (CPEC).
History:
The word Gwadar is actually made of two words, 'Gwat' which means wind, and 'Dar' which means Door, in The Balochi language.
For almost hundred and fifty years Gwadar remained part of Oman. The town of Gwadar was purchased by the Government of Pakistan from the Sultan of Muscat in 1958.
At that time it was a small village of fishery with a population of few thousand people.
Construction:
Gwadar port was developed by the government of Pakistan at a cost of $2.48 million.
Phase 1 of the construction started in 2001 till 2006. Status: completed
Inaugrated by General Pervaiz Mushrraf on 20th march.
Phase 2 started in 2007 and is till going on. US Dollars 932million has been invested. Status: underconstruction.
Operation:
Gwader is owned by the "Government Owned Port Authority" and is operated by state run Chinese firm "China Overseas Port Holding Company (COPHC)".
Earlier it was operated by "Port of Singapore Authority (PSA)" but failed to make it operational.
In september 2011, the wall street journal reported that Gwadar is doing little business as a commercial port, and that Pakistan has asked china to take over the operation. China confirmed that it would be taking control over Gwadar as it had many strategic advantages.
Pakistan on 18th February 2013 was formally awarded a multi billion dollar contract for construction of Gwadar port. Under the contract, the port will remain the property of Pakistan but will be operated by state run Chinese firm.
Strategic Importance:
The Gwader port is important not only for Pakistan, but China, the Central Asian Republics (CARS) and the entire region. The Corridor will help cut the journey time for Freight between Gwadar port, West China and the Central Asian regions by 60 to 70 percent.
China used to take a whole round of thousands of miles in the sea in order to get its oil import ships. Transportation of oil from Persian Gulf to China used to take about 2 to 3 months. Now it will enable China to more safely and reliably import oil.
Just by attracting the oil import, Pakistan will be making atleast $4 to $8 billion dollars in annual revenue and this Chinease petrol import is just one piece of the business.
Gwadar port importance for China:
China has the largest population of around 1.371 billion according to 2015 Census report and to fulfil its energy needs, China imports oil from the middle east. Now for that China has to travel a long distance in order to get those oil.
Gwadar on the other hand is surrounded by countries having two third oil reserves. Gwadar can act as shortest trade route to China.
Importance of CPEC for China:
The Chinese industries are facing trouble competing in the global market due to high transportion cost and delievery time. China is using a longest way due to which gives a competitive edge to competitors example Japan and The United States.
Now this new route from Gwadar Pakistan has solved many problems for China and will save Billions of Dollars and will reduce time. A bonus for both the countries.
Importance for Central Asian Countries:
Land locked countries such as Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan since they have no sea-port and Gwadar is shortest way to sea, these countries have shown great intrest in Gwadar port and will use Gwadar port for trade purpose.
Importance for Pakistan:
The Gwadar port is the corridor for billions worth of trade, not only that but it will also place the Pakistan Navy in a very strong position, relationships with neighbouring countries can be improved and trade can be enhanced, Pakistan can improve its foreign exchange reserves and improve the overall economy of the country.
Importance for Balochistan:
Last and most importantly, Balochistan. Due to this project, 200,000 new enterprises and a million jobs for locals will be created, three hundred new factories and with that four hundred jobs will be created.
According to minister Ahsan Iqbal, Balochistan will generate a massive total business revenue of $40 billion plus in the next decade crossing lahore as the second most revenue generating city, according to 'brandsynario.com, Pakistan's Gwadar is "The next Dubai of Pakistan".
Gwadar will not only be a "port gold mine" for Pakistan but also a revolution of real estate world. More than 12 housing schemes worth more than 9.5 billion have started building millions of houses.
Nine skyscrapers, roads highways and Universities are also underconstruction.
How Gwadar Balochistan could look like in 20 years
Property investment is by far the safest form of investment in Pakistan. Surveys have shown that investing in property yields considerable profit and also comes with limited risks. In the recent years, with the advent of CPECand growth of country’s economy, the property market of the country has experienced substantial growth. Gwadar is now being seen as the ultimate choice for investment by many across the globe. The Gwadar master plan shows that Gwadar’s natural resources would be utilized (including land and water) to convert the city into a modern economic hub. GwadarProperty has already attracted a large number of foreign investors and billions of dollars have been spent on property plots in Gwadar.
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