China to invest $1 billion in Gwadar Free Zone Phase II

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China to invest $1 billion in Gwadar Free Zone Phase II

ISLAMABAD – Over one billion dollars of Chinese investment is expected in Gwadar Free Zone phase two inaugurated by Prime Minister Imran Khan, Minister for Planning and Development Asad Umar said Tuesday.

Speaking with media persons in Gwadar, the ruling party member said that China is interested in investing over $1 billion in this mega project. The South Balochistan project was 35 times bigger than the Phase-1 of the North free zone of Gwadar, he added.

At least 53 development projects worth over Rs600 billion have been included in the development programme of the current fiscal year (2021-22), the Public Sector Development Programme (PSDP) contains around Rs1200 billion development projects for Balochistan, the former Finance Minister said.

Asad opined that it is for the first time that such development works were being executed in Balochistan under the leadership of Prime Minister Imran Khan, adding that all this was being done in coordination with the Balochistan government.

Sharing further details about the development project in the country’s largest province by land, he stated that record development is being carried out in Balochistan province on the instructions of the premier.