Gwadar Free Zone likely to attract over $1 billion Chinese investment: Asad

GWADAR: Federal Minister for Planning and Development Asad Umar has said that over $1 billion of Chinese investment is expected in Gwadar Free Zone Phase-II inaugurated by Prime Minister Imran Khan on Monday last.
Briefing the media persons, the planning minister said the Chinese investors have evinced great interest for investment in this zone which is 35 times bigger than the first phase.
He said that Prime Minister Imran Khan had launched the South Balochistan package, worth Rs600 billion, in November. He said that 53 projects of this package have been made part of the development plan this year.
Asad Umar said that record development is being carried out in Balochistan province on the instructions of Prime Minister Imran Khan. He said the development work is being executed with the partnership of Balochistan government.
Meanwhile, Saudi Arabia, Kuwait, Oman, the United Arab Emirates, Egypt, Kenya and Qatar have pledged to support the development of Gwadar.
Gwadar forms the southern Pakistan hub of a $62-billion China-Pakistan Economic Corridor (CPEC) of infrastructure and energy projects Beijing announced in 2014.
On Monday, ambassadors from friendly nations visited Gwadar, accompanying Prime Minister Imran Khan on a day-long visit to inaugurate various projects, including the North Gwadar Free Zone, Gwadar Expo Center and Henan Agricultural Industrial Park. The PM also inaugurated three factories and witnessed the signing of agreements for solarisation and desalination plants to resolve Gwadar’s water and electricity shortage problems.
During a 2019 visit to Pakistan by Saudi Crown Prince Mohammed bin Salman, Saudi Arabia and Pakistan signed seven investment deals worth $21 billion, including for a $10 billion Aramco oil refinery project in Gwadar. – TLTP