Chinese to build $1.2b economic corridor at Gwadar port

Federal Minister for Ports and Shipping Kamran Michael has said that the Chinese investors will invest at least $ 1.20 billion to establish an economic corridor for the development of Gwadar Port.

Senator Michael said this during a meeting that he chaired at his ministerial secretariat in the federal capital, according to a statement issued by the ministry on Friday.

To this effect, the federal minister said, different agreements had already been signed with the Chinese investors who would be investing the said amount over next two to three years.

“The money would be spent on the development of Gwadar Port,” he added.

Reflecting on the serious attitude of present government towards Gwadar Port’s development, Michael said his government was serious in their motives to see the deep-sea port and its surrounding area develop.

Unveiling more details, the federal minister said the approval of prime minister had already been secured under which the Gwadar Airport and road infrastructure would be upgraded and would be brought at par with latest international facilities.

Similarly, the development of hospital, school and vocational training institutes would be made at Gwadar, he added.

More berths at Gwadar Port would also be established at which the internationally acclaimed companies would bring in investments, he said.