ISLAMABAD: Parliamentary Secretary for Planning, Development and Special Initiatives, Wajiha Qamar, on Wednesday informed the lower house of Pakistan’s parliament that the southwestern deep-sea port at Gwadar was “fully operational” and equipped to handle all kinds of cargo.
Gwadar is on the Arabian Sea in the southwestern province of Balochistan, a mineral-rich region plagued by a decades-long separatist insurgency. China has invested heavily in the province, including by developing Gwadar, which is key to the China-Pakistan Economic Corridor (CPEC) that also encompasses infrastructure and energy projects and is part of Chinese President Xi Jinping’s Belt and Road Initiative.
The China Overseas Port Holding Company (COPHC), which operationally handles Gwadar, plans to eventually expand the port’s capacity to up to 400 million tons of cargo per year. Long term plans for the port require a total of 100 berths to be developed by 2045. For now, Gwadar is underutilized for commercial import and export due to reasons such as distance from the marketplaces of the country, security and services availability.
Earlier this year, Prime Minister Shehbaz Sharif had ordered that 50 percent of all public sector cargo be brought to Pakistan through Gwadar. The instructions subsequently received cabinet approval in September.
“The National Assembly was informed on Wednesday that Gwadar Port is currently fully operational, equipped to handle general cargo, containers, and other operations,” Radio Pakistan reported on Wednesday.
“Responding to a question during the Question Hour, Parliamentary Secretary Planning Development and Special Initiatives Wajiha Qamar said the Port accommodates vessels of up to 50,000 DWT [deadweight tonnage] and possesses the requisite infrastructure to support bulk cargo and container handling efficiently.”
She added that multiple shipments under the Afghanistan-Pakistan Transit Trade Agreement had been successfully processed at the port.
In March this year, Pakistani security forces repulsed a gun and bomb attack by militants on a complex outside the strategic port of Gwadar, which killed all eight militants and two soldiers, officials said. In the same month, a suicide bomber killed five Chinese engineers traveling to a dam site in the country’s northwestern Khyber Pakhtunkhwa province.
Beijing has since publicly voiced concerns about the security of its workers and projects in Pakistan. Militants have also previously attacked Chinese nationals and targeted projects, viewing China as a foreign invader trying to gain control of the region’s resources.
The start of operations at a Chinese-funded airport in Gwadar was also pushed back for a security review this August after a string of deadly attacks by separatist militants in the Balochistan in which over 50 people were killed.
Gwadar port ‘fully operational,’ official tells Pakistan National Assembly
https://arab.news/2n6an
Gwadar port ‘fully operational,’ official tells Pakistan National Assembly
- China Overseas Port Holding Company plans to eventually expand port’s capacity to up to 400 million tons of cargo per year
- Gwadar underutilized for import and export due to distance from marketplaces of the country, security and services availability
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
