Gwadar Port is extending CPEC towards far regions making Gwadar hub of regional trade. Rapidly Developing Gwadar Port has started showing its magic on growth speed of Pakistan. The future of Gwadar with its sturdily performing port is now throwing a glimpse of Shenzhen.
Development at Gwadar Port Influencing Growth Rate of Pakistan
Gwadar Port has appeared with a contemporary development in a very short span of time. Government of Pakistan transformed the port into an Online Trade Point. Gwadar Port has Recently Kicked Off Exports for country which is just another milestone achieved in its journey. The fast pace of development has influenced growth rate of Pakistan and this reflects the golden future of Gwadar just as of Shenzhen.
How Gwadar is comparable with Shenzhen – Development Update
The development journey of Gwadar and its Port is somehow similar of Shenzhen which is famous for its commercial activities. In late 1970s, Shenzhen had only one Taxi with its population of 30,000 while today it has emerged into a mega commercial realm with over 12 million people.
How Shenzhen got so big in such short timeframe? We find the resemblance of Gwadar in answer of this question. The massive transformation of Shenzhen started in 1980 when Shenzhen became a special economic zone luring manufacturers from its nearby Hong Kong.
Shenzhen had the same tax breaks on raw materials and machinery as we are witnessing in Gwadar Free Zone today. After undertaking rapid development, Nation’s first stock exchange was established in Shenzhen in 1990.
In 1995, Shenzhen started to focus on high-tech industry and that developed rapidly and today its China’s most important bases for high-tech industry. By 2008 Shenzhen’s GDP had hit $114.8 Billion up from just $4 Million in 1980.
Last year GDP of Shenzhen grew 8.8% hitting $338 Billion. The city is now home to leading Chinese tech firms. Shenzhen is a part of River Pearl Delta, a conurbation of several large cities which is now home to over 66 million people. This region has attracted over a trillion dollars of direct foreign investments since 1980 generating a quarter of China’s exports.
Shenzhen is today a symbol of how China has changed.
Future of Gwadar in History of Shenzhen
Identical to Shenzhen, Gwadar is a port city and has been declared a special economic zone by China and Pakistan. This first phase of Gwadar Free Zone was opened in January 2018. Since January 2018, 30 firms relating to banking, fish processing and hospitality have committed around $500 million of direct investments into Gwadar Free Zone. Tax exemptions here have made the region a Dream Destination for Businesses where only China is Planting its 19 Industries.
It is believed by the South Asian investors that Gwadar is following footsteps of Shenzhen which represented a historic population rise. Today, China and Pakistan is looking forward towards Gwadar as the Biggest GDP provider of Pakistan with backing of its port activities.
Development and in fact the fast pace of development is considered the key in the success of Gwadar. Involvement of CPEC in fortune of Gwadar is an added support performing as spine for the uplift of entire region especially for Pakistan.
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