LAHORE: The Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) express enthusiasm for the inclusion of the Karachi Coastal Comprehensive Development Zone (KCCDZ) project in the China-Pakistan Economic Corridor (CPEC).
This endeavor is poised to invigorate Pakistan’s economy and foster industrial and developmental collaboration between Pakistan and China.
Covering a total area of approximately 930 hectares, with 640 hectares reclaimed, the environmentally sustainable KCCDZ envisages the construction of four new berths for the Karachi Port Trust. Moazzam Ghurki, President of PCJCCI, made these remarks during a think tank session convened at the PCJCCI Secretariat in Lahore.
President Ghurki highlighted that the mega-project, with an anticipated investment of 3.5 billion U.S. dollars, will also accommodate a state-of-the-art fishing port. Additionally, it will establish a world-class fisheries export processing zone to enhance the country’s trade capabilities. This initiative is expected to instill confidence in global investors, fostering a conducive environment for business establishment and profitability.
Furthermore, the project holds the potential to bolster industrial collaboration between Pakistan and China, given its proximity to Karachi, the financial nucleus of the country.
Fang Yulong, Senior Vice President of PCJCCI lauded the project as a transformative force for Pakistan, asserting that the coastal development endeavor will elevate Karachi to the ranks of developed port cities worldwide. The initiative will unlock investment opportunities and facilitate the enhancement of marine habitats for fishermen, alongside the construction of 20,000 low-income housing units.
The KCCDZ stands as a pioneering initiative under CPEC, emblematic of Pakistan and China’s commitment to fostering high-quality cooperation to enhance the livelihoods of their citizens. It is poised to propel Pakistan’s economy to new heights by attracting foreign direct investment, generating employment opportunities and revenue, augmenting exports, and fostering regional and global connectivity.
Hamza Khalid, Vice President of PCJCCI, underscored the intensified cooperation between China and Pakistan across various sectors, which is propelling bilateral relations and fostering economic and social progress in both nations. The KCCDZ represents a modern 21st-century endeavor, integrating cutting-edge technologies, urban planning, municipal infrastructure, and environmentally sustainable marine development.
Colonel Ashraf Rana, Chairman of the Standing Committee on HR and Finance at PCJCCI, emphasized the project’s potential to catalyze Pakistan’s blue economy and exports. Fishing ports and fisheries export processing zones play a pivotal role in augmenting fishing trade, particularly given Pakistan’s rich maritime resources.
Salahuddin Hanif, Secretary General of PCJCCI, highlighted the significance of low-budget housing within the initiative, which will empower impoverished fishermen to own homes, thus uplifting their socio-economic status. Pakistan stands to benefit from leveraging the Chinese experience in addressing climate change and effectively utilizing the project to restore marine habitats and bolster biodiversity conservation efforts.
Copyright Business Recorder, 2024
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