BEIJING, April 20: Gwadar Port Free Zone will be modeled after the Shekou Industrial Zone in Shenzhen, China, comprising a port, an industrial park, and residential and business areas.
Once completed, the free zone will spur economic growth in Balochistan province and the rest of Pakistan, according to a report of in China's national online news service (China.org.cn).
So far, more than 30 Chinese and Pakistan enterprises have moved in, with three billion yuan of direct investment, in the Gwadar Port free zone.
These include hotel, bank, insurance, financial leasing, logistics, overseas warehousing, grain and oil processing, aquatic product processing, and home appliances assembly. Their yearly output value will exceed five billion yuan once they all come into operation.
According to the project plan, the free zone will occupy an area of 923 hectares and be developed in four phases. The first phase opened for operation in January 2018.
The China Overseas Ports Holding Ltd. has invested nearly US $ 250 million and built a 25-acre modern industrial park complete with roads, water pipes, electricity, communications, security fence and waste disposal facilities.
During Chinese Premier Li Keqiang's visit to Pakistan in May 2013, China and Pakistan agreed to build the China-Pakistan Economic Corridor to promote energy and transportation infrastructure development, among other projects.
During President Xi Jinping's visit in April 2015, closer bilateral cooperation was again highlighted.
A key element of the China-Pakistan Economic Corridor (CPEC) and an essential component of the Gwadar Port development project, the free zone aims to improve trade logistics, facilitate processing trade, and promote warehousing and financial services.