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Wednesday, May 22, 2024

Gwadar special economic zone to get investments from 43 Chinese companies

According to the Chairman of the China Overseas Ports Holding Company, Zhang Baozhong, 200 Chinese companies have already registered to invest in the special economic zone.

According to reports, China-Pakistan Economic Corridor (CPEC) led special economic zone has just finished its first phase and 43 Chinese companies have shown interest to invest in it.

According to the Chairman of the China Overseas Ports Holding Company, Zhang Baozhong, 200 Chinese companies have already registered to invest in the special economic zone, reported the Express Tribune.

The chairman further apprised that an array of projects apart from energy and infrastructure will be established in the Gwadar Industrial zone, ranging from chemicals, textiles, automobiles et cetera. This would pave way for numerous employment opportunities for people living in the surrounding region.

Read more: ICC is all praise for the spectacular Gwadar Cricket Stadium

He further clarified several misunderstandings floating around in the media that CPEC projects have suffered restrictions, and stated that the work on the projects is at the height of activity. The Pakistani government is “extending full cooperation, despite the coronavirus pandemic, the pace of work has not slowed down and many CPEC projects have been completed ahead of time,” added Baozhong.

Moreover, Baozhong announced that the Gawadar Port will be getting a liquified natural gas terminal. “CPEC is a great economic project. It is a symbol of the cohesive relationship between Pakistan and China and a testament to our friendship.”

Furthermore, Shahzeb Khan Kakar, the Director-General of the Gwadar Development Authority, stated that around 150,000 people of Gwadar will be free from electricity and water problems by the end of next year under the 2050 Master Plan, Express Tribune reported further.

Read more: As China celebrates Shenzhen, Pakistan’s Gwadar aims to follow suit

“Work is in full swing on a desalination plant which will convert five million gallons of seawater into drinking water, and a 300 megawatts coal-fired power plant. Both the projects will be functional by January 2023,” the Director-General said.

“Special security arrangements have been made in and around Gwadar, which has led to peace in Balochistan,” said the Chairman of the Gwadar Club, Brigadier (retd.) Asif Mehmood.

In December 2020, the government had finalized and approved the ‘Gwadar Smart City Master Plan.

Read more: CPEC: A road towards multiculturalism?

The officials revealed the projected details of the Gwadar Smart City Master Plan; the population of which is expected to exceed two million people in the long-term with high-paid expatriate professionals accounting for up to 80 percent of the population.

The city is likely to attract high commercial activity since the government will provide a tax-free zone there. Pakistan’s largest international airport had been inaugurated earlier this year in the new city.

The officials further projected that high-tech industries would be established, mega shopping malls, luxury resorts, and manmade islands too would be created eventually in and around Gwadar.

Read more: Pakistan & China to form a Parliamentary Committee to monitor CPEC’s progress