COPHC upbeat on port led prosperity in Gwadar

BEIJING: Zhang Baozhong, chairman and CEO of China Overseas Ports Holding Company Limited (COPHC), on Wednesday said that compared to other conventional projects, the Gwadar port is a systematic one covering not only operations, but also the development of the free zone.

"We hope to create a new economic development model for the port by transplanting China's experience in building special zones or economic development areas to Pakistan, in a bid to drive the country's industrial transformation," Baozhong told China Daily.

 According to Chinese paper’s report, he was upbeat that Gwadar free zone would be an exemplary community. “The COPHC has restored water and power supply as well as the machinery, warehouse and supervision system, and opened flights to China, the Middle East and Africa,” the paper quoted Baozhong as saying.

Hu Yaozong, deputy general manager of the Gwadar Free Zone Company, told the China Daily that if the current pace of construction is maintained, the port would transform every three months. 

“The frequent inspections from businessmen, launches of new projects, and new ideas have turned the little fishing village into a global hub and investment haven,” Yaozong said.  Babu Gulab, chairman of the Gwadar District Council, recalled the moment when Chinese and Pakistani leaders signed the deal two years ago. "You cannot imagine how excited I was at that time. Chinese President Xi is a far-sighted leader," he said. He said the port is now making headway according to the road-map and as a key part of the 'Belt and Road' initiative, its benefits will extend not only to Chinese and Pakistani citizens but also to people in the whole region. 

In 2013, local residents could only live on fishing. Every week, there was only one flight from the port to Karachi. The bilateral cooperation has led to major changes. Now, more people travel to the area through daily flights, which are fully booked. 

Muhammad Taimour Muzaffar Chaychi, a Pakistani real estate businessman said since the Chinese company’s takeover of the operations of the port in 2013, the value of land has appreciated fifteen fold. “Such changes can be attributed to the bullish attitude towards the port's prospects,” he explained.