Maritime Economy and Gwadar Port: A Growth Catalyst

Abstract

Today maritime economy recognizes the seas and oceans as the main driving force for the sustainable economic growth across the globe. Pakistan with its unique geographic location is blessed with approximately 1050 km long coastline and the Exclusive Economic Zone (EEZ) covering an area of about 240,000 sq km. In a brief history of globalization, seaborne trade and sea ports have made significant contributions towards socioeconomic development, thereby strengthening economic ties among states of various regions. Similarly, Pakistan's Gwadar port emerges as an ideal hub port in the region due to its unique strategic placement to attract trade from Central Asia, Afghanistan, west China and other countries due to its proximity to the Strait of Hormuz (SoH), which is the main shipping route, and connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. Today, Gwadar's geostrategic positioning enables it to monitor and control the oil trade routes and Sea Lines of Communications (SLOCs) between the regions of South Asia, West Asia, Africa and Central Asia. Gwadar's deep–sea port characteristic is one of the rare features which equips it to expand its operation to the 88 berths and capacity to anchor gigantic vessels from 100,000 DWT to 200,000 DWT. The working capacity of the Gwadar Port is equal to the Persian Gulf ports. This paper attempts to determine the potential and strength of the Gwadar Port as a growth catalyst for Pakistan as the country's international trade is directed through the sea.