The government has planned to develop the first man-made ‘Chand Tara Island’ of Pakistan in Gwadar at a cost of $10 billion. ‘Chand Tara’ meaning moon and the star symbolizes the Pakistani flag. It will form the residential areas of the Central Business District.
In a 78-page master plan, it was revealed. It says that this project will be a collaborative effort between the Pakistan government and the Chinese state-owned enterprise, China Communications Construction Company that has a net worth of over $132 billion.
The island will feature a state of the art amusement park, art & culture museum, grand theatre, concert hall, international expo center, hotels, resorts, shopping malls, and waterfront walk. It will stretch from the Marine Drive towards Zero Point.
As per the detailed report, there is a plan to make Gwadar the next trade and economic hub of Pakistan and South Asia. In the long term, its economy would surpass $30 billion per annum. It is expected that the project will create almost 1.2 million high paid jobs. This will take the per capita income of Gwadar to $15,000 in comparison to the current per capita income of around $1500.
Also, it is proposed in the master plan to make Gwadar the first tax-free and weapon-free economic zone of Pakistan. Presently Karachi is the trade and economic hub of Pakistan as it sends around 65 million tonnes of cargo via port annually. It took 70 years for Karachi to achieve this status. However, it is expected that the Gwadar port will achieve its target by 2030.
If things go as planned, Gwadar will also become the third-largest city of Pakistan by economic output with high-paid jobs, a tax-free environment, high-tech industries, huge shopping malls, man-made islands and the home to the largest international airport of Pakistan.