Gwadar Port and Gwadar Free Zone will generate $10 billion annually after becoming completely functional, Chairman CPEC Authority, Lt-Gen (r) Asim Saleem Bajwa, has revealed.
While addressing the media after reviewing different projects in Gwadar under the CPEC initiative, Bajwa said following the completion of Gwadar Free Zone and Gwadar Port, a lot of manufacturing and trading activities will take place, resulting in an unprecedented increase in trans-shipment activities.
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He added that CPEC Authority will continue to monitor the development work in Gwadar until all projects become completely operational.
Chairman CPEC Authority revealed that China Port Holding Company has completed the infrastructural work on Gwadar Port at a cost of $300 million and all four of its berths are now functional.
Over the past few months, more than 67,000 metric tons of cargo have been handled at Gwadar Port, consisting of shipments mostly under the Afghan Transit Trade Agreement, which were transported to Afghanistan.
A vessel carrying 8,000 cubic feet of liquefied petroleum gas will dock at Gwadar Port today followed by another ship from Australia carrying 24,000 metric tons of diammonium phosphate fertilizer and feed cargo for Afghanistan.
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The development work of the first phase of Gwadar Free Zone, stretching over 60 acres, has also been completed. 47 companies have been registered and 6 factories have been built there while another 6 factories are under construction.
During the last three years, Gwadar Port and Gwadar Free Zone have generated 1,200 direct jobs and more than 1,200 individuals have been hired indirectly.
Chairman CPEC Authority disclosed that Prime Minister Imran Khan will soon perform the groundbreaking of the development work of the second phase of Gwadar Port Free Zone that will stretch over 2,221 acres.
China Port Holding Company has lined up an investor for the second phase of the free zone. The investor already pledged to directly invest $3 billion in a single industry that will be built over 1,600 acres and will create 30,000 jobs.
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The development work on Gwadar Airport will be completed soon while technical and vocational institutions in the city will be inaugurated in October this year.
A hospital consisting of 150 beds is also under construction in Gwadar. The hospital had been gifted by the Chinese President to the local residents.
Chairman CPEC Authority concluded that the master plan of Gwadar City has also been approved and it is now in the implementation phase.
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