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BEIJING: The expanded and better-equipped port of Gwadar in Pakistan, which forms an important part of the China-Pakistan Economic Corridor (CPEC), will be operating fully by the end of this year.
This assurance was given by the head of the Chinese company that runs the strategic facility."The new port's cranes are almost ready and the water desalination plant is in place," said Zhang Baozhong, chairman of China Overseas Ports Holding Co, at a conference in Beijing to promote business opportunities at the port. He said attached great importance to early completions of the projects undertaken under CPEC. This will be another milestone in the relationship of the two countries, he added.
According to a China Daily’s report, it is projected that the total investment of the China-Pakistan Economic Zone will amount to 46 billion dollars. An expressway linking Kashgar of Xinjiang and Gwadar is under construction and will be completed in 2017, and a railway between the two cities is planned.
By 2030, the resident population in Gwadar will have reached 500,000. In the next two or three decades, the port city will develop new industries such as petrochemical works, iron and steel manufacturing, cement and building materials, automobile assembly, transportation and modern technology. A new airport, regional expressways, a coal-based power plant, an urban light-rail transit system, a sport center, and well-established schools and hospitals will soon be built.
Gwadar is only 40 minutes’ flight from Dubai. It is not only the key junction of the “21st Century Silk Road Economic Belt”, but the vital port of the “Maritime Silk Road”. About 18 million tons of oil is transferred via the port of Gwadar on a daily basis. In order to promote investment, an economic zone with a radius of 30 km has been set up. The enterprises in the zone will benefit from a preferential tax reduction or exemption. However, Karamay investors are more interested in the Free Trade Zone there operated by China Overseas Engineering Corporation (COVEC).
According to Wu Chunguo, director and CFO of COVEC, the total area of the Free Trade Zone is 923 hectares. The enterprises in the trade zone will benefit from 20 years of duty-free operations.
In addition, based on the free trade agreements signed by Pakistan, Iran, Saudi Arabia and Oman, Chinese products can enter the Middle-East market without payment of duty after being sub-packaged in the Free Trade Zone.
COVEC has also provided high quality services for the enterprises in the Free Trade Zone. Settled companies will receive price reductions in land, plant facilities and water and power. They will also be able to readily access services in investment consultation, law, company registration, visa processing, market
http://nation.com.pk/national/23-Ap...fully-by-end-of-this-year-says-zhang-baozhong
INP
inShare
BEIJING: The expanded and better-equipped port of Gwadar in Pakistan, which forms an important part of the China-Pakistan Economic Corridor (CPEC), will be operating fully by the end of this year.
This assurance was given by the head of the Chinese company that runs the strategic facility."The new port's cranes are almost ready and the water desalination plant is in place," said Zhang Baozhong, chairman of China Overseas Ports Holding Co, at a conference in Beijing to promote business opportunities at the port. He said attached great importance to early completions of the projects undertaken under CPEC. This will be another milestone in the relationship of the two countries, he added.
According to a China Daily’s report, it is projected that the total investment of the China-Pakistan Economic Zone will amount to 46 billion dollars. An expressway linking Kashgar of Xinjiang and Gwadar is under construction and will be completed in 2017, and a railway between the two cities is planned.
By 2030, the resident population in Gwadar will have reached 500,000. In the next two or three decades, the port city will develop new industries such as petrochemical works, iron and steel manufacturing, cement and building materials, automobile assembly, transportation and modern technology. A new airport, regional expressways, a coal-based power plant, an urban light-rail transit system, a sport center, and well-established schools and hospitals will soon be built.
Gwadar is only 40 minutes’ flight from Dubai. It is not only the key junction of the “21st Century Silk Road Economic Belt”, but the vital port of the “Maritime Silk Road”. About 18 million tons of oil is transferred via the port of Gwadar on a daily basis. In order to promote investment, an economic zone with a radius of 30 km has been set up. The enterprises in the zone will benefit from a preferential tax reduction or exemption. However, Karamay investors are more interested in the Free Trade Zone there operated by China Overseas Engineering Corporation (COVEC).
According to Wu Chunguo, director and CFO of COVEC, the total area of the Free Trade Zone is 923 hectares. The enterprises in the trade zone will benefit from 20 years of duty-free operations.
In addition, based on the free trade agreements signed by Pakistan, Iran, Saudi Arabia and Oman, Chinese products can enter the Middle-East market without payment of duty after being sub-packaged in the Free Trade Zone.
COVEC has also provided high quality services for the enterprises in the Free Trade Zone. Settled companies will receive price reductions in land, plant facilities and water and power. They will also be able to readily access services in investment consultation, law, company registration, visa processing, market
http://nation.com.pk/national/23-Ap...fully-by-end-of-this-year-says-zhang-baozhong
