Chinese company official terms Gwadar seaport ‘CPEC’s vital axis’

LAHORE: China Overseas Port Holding Company (COPHC) Chairman YO BO, during a meeting with the business community at the Lahore Chamber of Commerce and Industry (LCCI), highlighted the transformative progress of Gwadar under the Chine-Pakistan Economic Corridor (CPEC), saying the seaport had emerged as CPEC’s vital axis.

He emphasised that Pakistan's economic circumstances were primarily responsible for delays in the development of the CPEC. The visit of the Chinese company official was part of shedding light on the transformative progress of Gwadar under the China-Pakistan Economic Corridor (CPEC). The COPHC chairman underscored the significance of Gwadar within CPEC, hailing it as the project’s pivotal axis. The first stage of Gwadar port and city’s development, along with the Gwadar Free Zone, has been completed, marking a substantial achievement.

Chairman YO BO testified the fact that the COPHC’s decade-long stewardship had remarkably transformed Gwadar from a modest village into a thriving modern city, replete with cutting-edge technology.

YO BO highlighted China’s substantial investments in Gwadar’s growth, spanning construction, airport infrastructure, and healthcare facilities. The Gwadar Free Zone, which came under the auspices of the Free Zone Company in 2018, has already established a vibrant phase one, spanning 25 hectares adjacent to the port. Notably, this area has attracted six companies.

The North Free Zone, covering a sprawling 900 hectares, is positioned for industrial and warehousing purposes, and Chairman YO BO emphasised its role in processing raw materials for subsequent export.

Addressing Balochistan’s economic disparity, Chairman YO BO highlighted the region’s untapped potential, brimming with natural resources yet plagued by underdevelopment and negligible trade. The Gwadar port, however, is fully operational, equipped to manage both imports and exports.

In response to queries from the LCCI, Chairman YO BO detailed the Gwadar Port’s operational status, its cargo handling capacity, and plans for the Gwadar International Airport’s full-scale operation. He emphasised the port’s role in facilitating barter trade with Iran, Afghanistan, and Russia, and highlighted Gwadar’s strategic advantages over Port Qasim.

Chairman YO BO revealed the COPHC’s pivotal role in the CPEC’s second phase, aligned with the One Belt Road Initiative. He detailed avenues for Pakistani investors to engage formally with Chinese companies for joint ventures.

The gathering witnessed the convergence of top officials, including LCCI President Kashif Anwar and Senior Vice President Zafar Mahmood Chaudhry, alongside Mr Wang, Deputy Manager of COPHC, Atif Khan, Convener of the LCCI S/C on Gwadar Coastal Tourism and Executive Committee members.

LCCI President Kashif Anwar reciprocated with enthusiasm, announcing a forthcoming business delegation to Gwadar. He hailed Gwadar’s paramount role within the CPEC, accentuating its potential to catalyse regional connectivity, benefiting not only China and Pakistan but also adjacent nations such as Iran, Afghanistan, and Central Asian Republics. He viewed the CPEC as a cornerstone for Pakistan’s industrial and economic revitalisation.