Pakistan to hand over 2,281 acres of Gwadar’s free trade zone to Chinese

Letter of Invitation: I would be available to answer any queries regarding best suburbs to integrate socially, just to let you know 21 suburbs of South Australia which are red-flagged by Australian banks. I am happy to provide detail answers to any questions with reference to Property Investment, Subdivision, Development, Buying/ Selling Residential, Commercial, Rural Properties and Businesses. I am available in person (Tue/Thu at 1289 South Rd, St. Marys, SA 5042 12 to 5 p.m) or on cell to answer any questions, and concerns you have to decide about your Real Estate. (Cell: 0431 138 537, Email: Saqlain@Dukesrealestate.com) Click here to invest in South Australian Residential Commercial, Rural Properties, Schools & Businesses. By Peer Muhammad Published: November 10, 2015 351 SHARES Share Tweet Email After the formal handover of the free trade zone, all business affairs of the port will be carried out by Chinese authorities. PHOTO: REUTERS After the formal handover of the free trade zone, all business affairs of the port will be carried out by Chinese authorities. PHOTO: REUTERS ISLAMABAD: In a landmark ceremony, Pakistani authorities will formally hand over 2,281 acres of Gwadar Port’s free trade zone to the Chinese Oversees Ports Holding Company Ltd (COPHCL) on November 11 on a 43-year lease. The ceremony will be held in Gwadar on Wednesday and will be attended by the Chinese delegation headed by Vice Chairman of National Development and Reform Commission Wang Xiaodao, who has already arrived in Pakistan. Ripe for investment: Vast opportunities in AJK The Chinese delegation comprises of all top level officials of the Chinese government and leaders of private companies. The Pakistani delegation will be led by Federal Minister for Planning, Development and Reform Ahsan Iqbal. The event will also be attended by Balochistan Chief Minister Dr Abdul Malik and Federal Minister for Ports and Shipping Kamran Michal, said a senior official of the ministry.The government has already declared Gwadar port a free trade zone for the next 23 years. The officer said that in this regard, a high level meeting of both authorities will be held in Karachi on November 12 to complete the formalities. COPHCL will execute the port’s affairs through its three main companies including Gwadar International Terminal (GIT), Gwadar Marine Services Ltd and Gwadar Freezone Company Ltd. Grand scheme: Govt to spend Rs26b on Gwadar airport upgrade GIT will also be responsible for the port’s operations by handling business related matters. Gwadar Marine Service Ltd, will look at the port’s operation by providing allied services and Gwadar Freezone Company will look after affairs of the free zone area by developing and providing allied facilities to the investment companies in the free zone area. After the formal handover of the free trade zone, all business affairs of the port will be carried out by Chinese authorities. Grand scheme: Govt to spend Rs26b on Gwadar airport upgrade The officer said that Pakistan has delivered its end of the bargain and now it is upto the Chinese authorities to show their commitment. Additionally, during the ceremony, inauguration of some projects will also be held including inauguration of school and health centres established by the Chinese in Gwadar. The scheme is part of the China-Pakistan Economic Corridor (CPEC), an ambitious $46 billion investment plan linking western China to the Arabian Sea with infrastructure, energy and transport projects. Three days in Gwadar Pakistan is also raising a special security force of between 10,000 and 25,000 men to protect the port. Earlier, Abdul Razzaq Durrani, the director general of Gwadar Port Authority, had said that land acquisition to build the economic zone had cost the Balochistan government around $62 million. Gwadar port was built in 2007 with technical help from Beijing as well as Chinese financial assistance of some $248 million. Published in The Express Tribune, November 10th, 2015. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.