Exports in the year ended June fell to $21 billion, the lowest level since 2010, according to the Pakistan Bureau of Statistics. And it gives China a port in the Indian Ocean that could one day become a naval base. For Pakistan, it brings soft loans to build power stations, roads and a deep-sea port and free-trade zone modelled on Shenzhen. Gwadar’s first attempt to change came almost a decade ago, when Pakistan decided to build a deep water port with the help of Singapore. While the first phase of the project was completed, security issues and the global downturn meant the new port failed to meet expectations.

Source: Mint October 01, 2016 09:45 UTC