The $62 billion China-Pakistan Economic Corridor (CPEC) is a flagship project of the China Belt Road Initiative via which China intends to connect with more than sixty countries across the globe for trade purposes. Gwadar CPEC is a massive undertaking, and Gwadar Port will be at its epicenter. CPEC is a land corridor that aims to connect China with the smart port city of Gwadar in Balochistan via a network of highways, roads, railways, pipelines, fibre optics and grids.
Under the flag of Gwadar CPEC development, China is committed to investing in major areas across the country that comprise
- Gwadar (including port and city, and Gwadar region socio-economic development)
- Energy projects (Coal, Hydro, Wind, Solar, LNG, Transmission)
- Transport Infrastructure (Road, Rail, Aviation)
- Investment & Industrial Cooperation (Gwadar Free Zone and other industrial parks to be finalized)
- Any other areas of interest mutually agreed like cooperation in the educational sector and agriculture, etc.
Here is a brief appraisal of the prospects CPEC developments hold for our country
Self-sufficiency in Energy Sector
For the past decade, the severe energy crisis has prevailed in our country like a haunted spook. This crisis has also negatively contributed to our country’s hardly stable economy. With the aid of CPEC, Pakistan will be able to overcome the energy deficits for the first time. A significant portion of CPEC related development is inclined to uplift the energy sector, with approximately $33 billion expected to be invested in this sector.
In the early harvest of CPEC, major investments are being made in the energy sector, including solar, coal, LNG, hydroelectric and power transmissions. The reports suggest that there will be an approximate influx of 17,000 megawatts of energy in the power sector. An estimated 10,400 MW of electricity has already been slated for generation, as part of CPEC’s “Early Harvest” project.
Modern infrastructure of GWADAR CPEC development
Infrastructure development is an integral component in encouraging a country’s economic growth. Developing infrastructure enhances a country’s productivity, consequently making firms more competitive and boosting region’s economy. A major chunk of the CPEC has been set aside for modern infrastructure development across the country.
Three corridors have been identified for cargo transport: the Eastern Alignment through the heavily populated provinces of Sindh and Punjab where most industries are located, the Western Alignment through the less developed and more sparsely populated provinces of Khyber Pakhtunkhwa and Balochistan, and the future Central Alignment which will pass through the whole country.
These routes will improve interprovincial communication and urbanization by connecting less developed regions with major cities. Moreover, the government intends to create industrial parks and economic zones along the Gwadar CPEC routes.
Pakistan: a hub for global trade.
Gwadar is a port city on the Arabian Sea in the Balochistan Province of Pakistan. It is located on the southern edge of the Persian Gulf, approximately 700 km to the west of Karachi and about 600 km to the east of Muscat, Oman. The city is strategically important because it is near the Strait of Hormuz, which is a vital transit point for world crude oil supply.
Gwadar plays a crucial role in Pakistan’s economy as it is one of its biggest ports that would reduce trade time from Gwadar to major countries by 30% as well as boost the China-Pakistan Economic Corridor project due to its ability to serve as a transshipment point for oil and gas exports from Iran and Central Asia at less cost than other options.
The port city has the capacity to handle millions of tons of cargo per year. Moreover, it boasts an airport and sea link that will connect it with major ports in Asia, and it stands to become one of the largest industrial zones in the world.
Boon for Real Estate sector in Pakistan
The massive investment in infrastructure development under Gwadar CPEC has piqued the attention of land developers from across the country to Gwadar real estate. Gwadar CPEC development has made it a lucrative investment for real estate dwellers, and they have come forward to invest in Gwadar real estate.
New Life Developer is one of the leading land developers that has pioneered investing in Gwadar real estate. Gwadar Central is a GDA approved housing society with a “Category A” NOC, which ensures preferential development of major Gwadar CPEC related projects in our society.
The housing project offers residential and commercial plots for investment in Gwadar. Rafi Group is committed to playing a leading role in the development of Gwadar.