OCT 11, 2018: At least 30 companies in different businesses such as hotel, bank, logistics and fish processing have entered the free economic zone of Gwadar port city with direct investment of about $474 million with expectations of generating $790 million after full operation, said Gwadar Port Authority chairman Dostain Khan Jamaldini.
“The first phase of Gwadar’s free zone has already been inaugurated,” said Jamaldini in an interview with China Global Television Network (CGTN) on Friday.
While commenting on the progress and achievements of the project over the years, he said that Gwadar port connectivity, Gwadar port collection area, production area are now almost ready, “and weekly we are receiving a ship from COSCO, a Chinese company, one of the largest in the world, it is calling on Gwadar port regularly”.
“And we are hopeful that with the start of industrial production in the free zone, the frequency of the ships will increase,” he added.
Gwadar, known as the ‘heart’ of the China Pakistan Economic Corridor, is linking Pakistan not only with western China but with the central Asian countries also.
In 2015, Gwadar port was officially leased to China for 43 years. Since then the existing port has been developed under CPEC at a cost of $1.62 billion, with the aim of linking northern Pakistan and western China to the deep water seaport on the Arabian Sea while in 2016 construction began on the Gwadar Special Economic Zone.
The multi-million dollar Gwadar port, a key component of the CPEC is now operational. In the beginning, the port is expected to see one million tons of cargo going through it.
The port and the CPEC are expected to generate several hundred billion dollars in trade and related revenues for Pakistan.
With the addition of Gwadar Oil City, revenues from CPEC are expected to jump significantly.