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Chinese Company Invests $40 Million at Gwadar Port
China Overseas Ports Holding Company Limited (COPHCL) has invested over $40 million at Gwadar Port for improving port facilities, the surrounding environment, and port businesses.
Since the concessional rights were handed-over to COPHCL, it has been working to upgrade the port's facilities. The port is now fully operational and is receiving commercial vessels on a regular basis since March 2018, according to Pakistan Economic Survey 2018-19.
The government had signed a concession agreement with Singapore Port Authority International (SPAI) in 2007 but there was no noticeable progress till 2013. In May 2013, the port's Concessional Rights were transferred to the new operator, viz China Overseas Ports Holding Company Limited (COPHCL).
Gwadar Port is located on the southwestern Arabian Sea Coastline in Balochistan. It is the second greatest monument of Pak-China friendship after Karakoram Highway, linking Pakistan and China.
Gwadar Port is about 630 km away from Karachi and 120 km from the Iranian border. It is located at the mouth of the Persian Gulf, outside the Strait of Hormuz, near the key shipping routes in and out of the Persian Gulf.
Over 30 Companies Operating in Gwadar Port Free Zone 1
The construction of Free Zone Phase-I has been completed with all infrastructures, including power, water, road, telecommunication, waste treatment, and drainage systems now in operation.
More than 30 enterprises, involving banks, insurance, financial leasing, hotels, warehouses, fishery products processing, edible oil processing, pipe, furniture manufacturing, electric vehicle assembly, trade, and logistics, have already been registered at the Free Zone.
Three companies have set up massive operations in the zone including China Communication Construction Company, Business Center, Linyi Trade City, Exhibition Center, and Yulin Company, a Steel Tube Industry.
Source: Pro Pakistani