BEIJING – Gwadar Port Free Zone will be modeled after the Shekou IndustrialZone in Shenzhen, China, comprising a port, an industrial park, andresidential and business areas.
Once completed, the free zone will spur economic growth in Balochistanprovince and the rest of Pakistan, according to a report of China.org.cn.
So far, more than 30 Chinese and Pakistan enterprises have moved in, withthree billion yuan of direct investment, in the Gwadar Port free zone.
These include hotel, bank, insurance, financial leasing, logistics,overseas warehousing, grain and oil processing, aquatic product processing,and home appliances assembly. Their yearly output value will exceed fivebillion yuan once they all come into operation.
According to the project plan, the free zone will occupy an area of 923hectares and be developed in four phases. The first phase opened foroperation in January 2018.
The China Overseas Ports Holding Ltd. has invested nearly US $ 250 millionand built a 25-acre modern industrial park complete with roads, waterpipes, electricity, communications, security fence and waste disposalfacilities.
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During Chinese Premier Li Keqiang’s visit to Pakistan in May 2013, Chinaand Pakistan agreed to build the China-Pakistan Economic Corridor topromote energy and transportation infrastructure development, among otherprojects.
During President Xi Jinping’s visit in April 2015, closer bilateralcooperation was again highlighted.
A key element of the China-Pakistan Economic Corridor (CPEC) and anessential component of the Gwadar Port development project, the free zoneaims to improve trade logistics, facilitate processing trade, and promotewarehousing and financial services.
