KARACHI: Chinese company Xinning Enterprise and the Gwadar Port Authority (GPA) have signed an agreement to stimulate industrial and commercial investments at the port and its free zone, Pakistan’s maritime affairs ministry said on Tuesday.
Gwadar city is situated along the Arabian Sea and lies at the heart of the China-Pakistan Economic Corridor (CPEC), under which Beijing has funneled tens of billions of dollars into massive transport, energy and infrastructure projects in Pakistan.
Pakistani officials have said Gwadar’s geostrategic position as the shortest trade route to the Gulf and Central Asia highlights its port’s potential to become a regional transshipment hub.
“China’s Xinning Enterprise has signed a Letter of Intent (LoI) with Gwadar Port Authority (GPA) to stimulate major industrial and commercial investments at Gwadar Port and its Free Zone, underscoring Gwadar’s growing role as a key regional hub for trade and economic activity,” the statement said.
The statement said these ventures include developing Gwadar port as a regional transshipment center, launching new industrial projects, optimizing existing facilities within the Gwadar Free Zone and relocating industries.
