Speaking at the signing ceremony, Federal Minister of Defense Production Zubaida Jalal said that joint efforts are being made by the federal and provincial governments for the socio-economic growth of Balochistan as it holds Pakistan's economic future.

The Minister said that not only would ships be constructed at the proposed new shipyard, but that repair facilities in the area would also be provided and training facilities would also be available.

She said that this project is strategically of great regional significance and will not only generate jobs for the locals after completion, but will also raise revenue for the provincial economy.

Speaking on the occasion, Balochistan Chief Minister Jam Kamal Khan said joint federal and provincial government initiatives will usher in a new age of stability and economic growth in the province.

The landmark development comes after the demarcation of 750 acres of land by the Gwadar Development Authority (GDA) for a new shipyard project aimed at boosting socio-economic development in the province of Balochistan, considered Pakistan's future economic region.

The Gwadar Shipyard will also provide services for the construction of new ships, apart from providing important dry docking facilities to cargo ships visiting the port of Gwadar.

Maritime analysts believe that the Gwadar Shipyard is a crucial industry and will help improve the national economy and social growth as a job multiplier.

Since its establishment in the mid-50s, KSEW has constructed over 500 commercial and naval vessels of various types for both local and foreign clients. The largest vessel manufactured by Karachi Shipyard was the 28,000 deadweight tonnage merchant ship Al Abbas (DWT).

Maritime Business World