Pakistan, Turkmenistan to sign MoU for Gwadar port access under CPEC

ISLAMABAD, (Faiza): Pakistan and Turkmenistan are set to sign a Memorandum of Understanding (MoU) that would grant Turkmenistan access to Gwadar Port under the China-Pakistan Economic Corridor (CPEC) framework. This agreement, facilitated by the Special Investment Facilitation Council (SIFC), would make Turkmenistan the first Central Asian country to gain such access through CPEC.

The primary objective of this accord is to establish regional and international cooperation for the movement of goods and containers, leveraging the potential capabilities of both nations’ ports. This development aligns with ongoing collaborative projects between Pakistan and Turkmenistan, including the TAPI pipeline, railway track, and fiber connectivity initiatives, aimed at linking South and Central Asia.

In preparation for this agreement, the Pakistani government has formed a committee to review the draft agreement between Gwadar and Turkmenbashi ports under CPEC. Additionally, a separate cabinet committee has been established to approve 50% of public sector imports through Gwadar Port.

The development of Gwadar Port is expected to generate employment opportunities, stimulate economic growth, and attract foreign investment by enhancing regional connectivity. High-level governmental efforts, supported by SIFC, are underway to promote Gwadar as a global trade hub.

The implementation of CPEC projects is anticipated to foster economic stability and prosperity while strengthening economic and trade relations with other countries in the region.