Govt trying to make ‘Gwadar Port’ trade hub to boost economy: Minister

Islamabad: In a continued effort to boost economic growth and streamline trade operations, a follow-up meeting was convened under the chairmanship of Federal Minister Maritime Affairs Qaiser Ahmed Sheikh on Thursday.

As per the directives of the prime minister, this was the second important meeting in a series, focused on enhancing measures to increase business activity through “Gwadar Port” and sought proposals from stakeholders.

The key stakeholders including representatives from the Ministry of Maritime Affairs (KPT, PQA, GPA, KoFHA, PNSC) Commerce, Ministry of Finance, Ministry of National Food Security, Ports and Shipping members of Quetta & Lahore Chamber of Commerce and other stakeholders also attended the discussion session.

The discussions centered around optimizing the port’s operational capacity, improving infrastructure, and implementing efficient customs procedures to facilitate smooth import and export processes.

The minister said that we are gathered to work out a comprehensive plan in making Gwadar Port a pivotal hub in Pakistan’s trade network according to the dynamic vision of prime minister.

By addressing the challenges and implementing strategic improvements, we are poised to enhance our import and export capabilities, which will have far-reaching benefits for the entire country.

Plans to upgrade port facilities, including the expansion of storage capacities and the modernization of loading and unloading equipment, were also reviewed in the discussion session.

These improvements aim to reduce turnaround times and increase the volume of goods handled.

The meeting emphasized the need for more efficient customs processing.

Steps to integrate advanced digital tracking system and streamline bureaucratic procedures were also discussed to ensure faster clearance of goods. The potential of granting industrial status to the fisheries sector was discussed recognizing its importance in boosting economic activity and exports as there has been a considerable increase in fish export over the last year making it the third in the list of top export items.

This status would provide the sector with various incentives, enhancing its growth and contribution to the economy.

It was suggested that addressing sales tax and duty issues should be priority areas with proposals to rationalize taxes to make Gwadar Port more competitive and attractive for businesses.

The meeting stressed that the development of a comprehensive deep-sea policy was deliberated to facilitate large-scale maritime activities and attract international shipping companies to Gwadar.

Establishing value addition facilities and improving infrastructure to support industrial activities around the port were also discussed. This includes processing zones and logistical support to maximize the economic benefits of imports and exports through Gwadar.

Utilizing Gwadar Port is expected to significantly contribute to the regional and national economy. The port’s strategic location provides a direct trade route to Central Asia and the Middle East, reducing transportation costs and transit times.

The operational expansion of Gwadar Port is projected to create numerous job opportunities in the region, fostering local development and enhancing the standard of living for the local populace.

Qaiser A Sheikh expressed that the blue economy initiatives aim to create job opportunities, enhance food security, and promote economic diversification, positioning Pakistan as a key player in the regional maritime economy.

He said Gwadar evolves into a major trade hub, it is anticipated to spur additional businesses and attract foreign investments.

Under the direction of the prime minister, another meeting has also been convened under the chairmanship of Federal Minister Maritime Affairs, Qaiser Ahmed Sheikh to engage stakeholders and business sectors, ensuring their valuable input would be considered in finalizing the budget proposals.

Federal Secretary Maritime Affairs, Dr Iram Khan, heads of all attached departments of the ministry, representatives from line ministries also attended the meeting.

The minister while chairing the meeting emphasized that as we look to the future, the ministry is dedicated in advancing our nation’s maritime capabilities.

In the upcoming budget, we aim to prioritize sustainable growth, innovation, and the preservation of our precious marine resources. “Our vision is to create a resilient and thriving maritime sector that supports economic prosperity and environmental safekeeping for the benefit of all citizens, ” he said.