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Chinese to build $1.2b economic corridor at Gwadar

Chinese to build $1.2b economic corridor at Gwadar

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

Senator Kamran Michael was presiding over a meeting held here to review pace of development projects at Gwadar Port.

The federal minister elaborated that different agreements had already been signed with the Chinese investors for the investment of $1.2 billion dollar over the next two to three years. “The money will be spent on the development of Gwadar Port,” he added.

Reiterating the incumbent government’s resolve to Gwadar Port development, Michael said that his government was committed and striving hard to see the deep-sea port and its surroundings developed.

Sharing details of the development plan, the federal minister revealed that the prime minister had already approved the establishment of Gwadar Airport and road infrastructure on a par with international standards.

Similarly modern hospital, school and vocational training institutes will be established at Gwadar, he added.

Kamran Michael declared that more berths at Gwadar Port would also be established and internationally acclaimed companies would be pursued to invest in the project.