Senior Chinese Executive Highlights Gwadar Seaport as Crucial Hub within CPEC
Chairman YO BO of China Overseas Port Holding Company (COPHC) illuminated the remarkable progress of Gwadar under the China-Pakistan Economic Corridor (CPEC) during a meeting with the Lahore Chamber of Commerce and Industry (LCCI). Gwadar has evolved into the central hub of CPEC, according to him.
He attributed delays in CPEC development to Pakistan's economic circumstances. The visit aimed to shed light on Gwadar's transformation within CPEC, with YO BO stressing its pivotal role. Notably, the first phase of Gwadar port and city development, including the Gwadar Free Zone, is now completed, a significant milestone.
P.c. Faisal Hanif
YO BO testified that COPHC's decade-long leadership has turned Gwadar from a small village into a thriving modern city with cutting-edge technology.
Highlighting China's substantial investments in Gwadar's growth, including construction, airport infrastructure, and healthcare facilities, YO BO mentioned the vibrant phase one of the Gwadar Free Zone, which attracted six companies after coming under the Free Zone Company's umbrella in 2018. The massive North Free Zone, spanning 900 hectares, is set for industrial and warehousing use, aimed at processing raw materials for export.
Addressing Balochistan's economic disparities, YO BO emphasized the region's untapped potential, rich in natural resources but hindered by underdevelopment and limited trade. Gwadar Port is now fully operational, handling both imports and exports.
Responding to LCCI queries, YO BO elaborated on Gwadar Port's operational status, cargo handling capacity, and plans for the full-scale operation of Gwadar International Airport. He highlighted the port's role in facilitating trade with Iran, Afghanistan, and Russia and underscored Gwadar's strategic advantages over Port Qasim.
YO BO revealed COPHC's crucial role in the second phase of CPEC, aligned with the One Belt Road Initiative, and detailed opportunities for Pakistani investors to engage in joint ventures with Chinese companies.
The gathering included top officials like LCCI President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry, Mr. Wang (Deputy Manager of COPHC), and Atif Khan (Convener of the LCCI S/C on Gwadar Coastal Tourism), alongside Executive Committee members.
LCCI President Kashif Anwar reciprocated with enthusiasm, announcing an upcoming business delegation to Gwadar. He emphasized Gwadar's central role in CPEC, facilitating regional connectivity, benefiting China, Pakistan, and neighboring nations such as Iran, Afghanistan, and Central Asian Republics. He viewed CPEC as a cornerstone for Pakistan's industrial and economic revitalization.