Pakistan's Gwadar Port Has Potential Of Regional Shipment Hub - Foreign Minister

KARACHI (UrduPoint News / Sputnik - 15th February, 2021) The Pakistani Gwadar Port has every chance to turn into a full-blown regional hub and a transshipment port, which would further enhance the geo-economic significance of Pakistan, Foreign Minister Shah Mahmood Qureshi said on Monday.

"The Gwadar Port, which occupies a strategic location overlooking the Strait of Hormuz and the North Arabian Sea, has the potential to develop into a full-fledged regional hub and a transshipment port," the minister said at a closing session of the 9th International Maritime Conference 2021 in Karachi.

According to the diplomat, the port places Pakistan at a point of convergence, linking active sea-lanes to landlocked Central Asian Republics for the shipment of oil, coal and agricultural products.

"Gwadar Port also provides new vistas for businesses. Extraction of life-saving medicines, coastal tourism, and the development of coastal real estate are industries that are attracting investment, both local and foreign," Qureshi added.

The head of the Pakistani foreign office also reminded that 2020 was declared the 'Year of Blue Economy' by the government to highlight the significance of its massive potential of contributing to the country's sustainable economic growth and development.

The conference is organized by the National Institute of Maritime Affairs under the aegis of the Pakistan Navy and being conducted in tandem with the 7th Multinational Maritime Exercise AMAN-21, which is taking place near the Pakistani port of Karachi.