Asad Umar says Pakistan expects over $1b Chinese investment in second phase of Gwadar Free Zone
- Says investors have expressed great interest in Balochistan's development
Minister for Planning and Development Asad Umar has said over $1 billion of investment from Chinese companies is expected in the second phase of Gwadar Free Zone, which was inaugurated by Prime Minister Imran Khan on Monday.
While addressing the media, the federal minister said that Chinese investors have indicated great interest in investing in the north zone of Gwadar, which is 35 times bigger than the first phase.
The statement comes after Prime Minister Imran Khan inaugurated the first phase of the Gwadar Free Zone besides performing the groundbreaking of its second phase spread at 2,200 acres. He also inaugurated three factories besides witnessing MoU signing of a desalination plant and a solar energy project during his day-long visit to Gwadar.
A number of investors have pledged investment in different sectors included Huang Weiguo (textile), Huang Daoyuan (prefabricated technology), Fang Hongyan (agriculture), Shen Jian (wool spinning), David Dia and Chen Yi (dairy processing), and Bao Dequan (textile).
Meanwhile, regional countries including Saudi Arabia, Kuwait, Oman, United Arab Emirates, Egypt, Kenya, and Qatar have also expressed their commitment for cooperation on the development of Gwadar.
Umar said the prime minister launched the South Balochistan package worth Rs 600 billion, under which 53 projects have been made part of the development plan this year.
He said the development work is being executed in partnership with the Balochistan government.
KSA, UAE five others commit cooperation
A number of accords were signed during the prime minister's visit with the government of China.
The accords included the implementation agreement on setting up of 1.2 million gallons per day desalination plant to resolve the shortage of drinking water for the residents of Gwadar. Other agreements included China’s grant for a solar energy project, and the groundbreaking of North Gwadar Free Zone and Enterprises.
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