New Pakistan-China trade route
PAKISTAN’S Prime Minister Nawaz Sharif inaugurated a trade route linking southwestern Gwadar port to the Chinese city of Kashgar as part of a joint multi-billion-dollar project to jumpstart economic growth in the South Asian country.
The Cosco Wellington, a ship berthed at the deep-sea port in Balochistan province, was loaded with over 150 containers – the first consignment under the China-Pakistan Economic Corridor announced in 2014, which aims to link the Asian superpower’s Xinjiang region with the Arabian Sea.
The US$46 billion project is an extension of China’s “One Belt, One Road” initiative and encompasses a series of infrastructure, power and transport upgrades that Islamabad hopes will kickstart its long-underperforming economy.
“The participants of the pilot convoy who have made it to Gwadar are the harbingers of development and progress that this region is to see soon,” Prime Minister Nawaz Sharif said at a ceremony that was also attended by powerful army chief Raheel Sharif and senior Chinese officials.
Pakistan recorded a 4.7 percent growth in GDP for the fiscal year that ended in June 2016, and Mr Sharif has set an ambitious target of 5.7pc for the current year.
With its dusty moonscape and shining new port, officials have repeatedly suggested the city of Gwadar is another Dubai in the making.
But the mineral-rich province in which it is located is beset by violence from Islamist groups as well as insurgents seeking a greater share of the region’s natural resources and secession from Pakistan.
Security problems have mired CPEC in the past with numerous attacks by separatists, but China has said it is confident the Pakistani military is in control. –