The federal government of Pakistan has decided to divert 50% of public sector imports through Gwadar Port to strengthen its financial position. This decision was made in collaboration with the Special Investment Facilitation Council (SIFC) following Prime Minister Shehbaz Sharif's visit to China.
The Ministry of Maritime Affairs will provide a summary of imports through Gwadar to the cabinet. Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, along with relevant officials, will review the Chinese proposal for the ML-1 Karachi to Hyderabad section and present it at the next cabinet meeting.
The government has tasked the Board of Investment and Ministry of Commerce to work with SIFC in preparing a comprehensive plan for Pakistani firms participating in the Shanghai International Import Expo scheduled for November 5-10, 2024.
Gwadar Port, a key component of the China-Pakistan Economic Corridor (CPEC), currently can anchor two large ships and is projected to accommodate 150 ships by 2045. The port's development is expected to enhance regional connectivity, create job opportunities, and attract foreign investment.
Minister Iqbal will maintain contact with Chinese experts to obtain timely reports on investments, trade, and industries following the Prime Minister's China visit.
