Gov't working to make Pakistan's Gwadar Port trade hub to boost economy: minister

0 Comment(s)Print E-mail Xinhua, May 24, 2024
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ISLAMABAD, May 24 (Xinhua) -- Pakistan's Federal Minister of Maritime Affairs Qaiser Ahmed Sheikh said on Thursday that the government is working to make the country's southwest Gwadar Port a trade hub to spur additional businesses and attract foreign investments to boost the economy.

The minister said in a statement that the government is taking special measures to enhance import and export capabilities by utilizing the extensive capacity and opportunities in Gwadar, which would have far-reaching benefits for the entire country.

Earlier in the day, the minister chaired a high-level meeting focused on enhancing measures to increase business activity through Gwadar Port to create jobs and foster local development.

The minister said the meeting agreed to upgrade port facilities, including the expansion of storage capacities, improvement of loading and unloading systems, and efficient customs processing.

According to the minister, the participants decided to address sales tax and duty issues on priority and deliberated to form a comprehensive deep-sea policy 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.

"In the upcoming budget, we aim to prioritize sustainable growth, innovation, and the preservation of our precious marine resources," said the minister, adding that "our vision is to create a resilient and thriving maritime sector that supports economic prosperity." Enditem

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