Charting Gwadar's Transformation: Insights from Chairman YO BO and COPHC
During a recent meeting held at the Lahore Chamber of Commerce and Industry (LCCI), Mr. YO BO, the Chairman of China Overseas Port Holding Company (COPHC), shed light on the remarkable transformation of Gwadar, a vital component of the China-Pakistan Economic Corridor (CPEC). He emphasized that Pakistan's economic challenges had been the primary cause of some delays in CPEC's development.
The gathering witnessed the presence of prominent officials, including LCCI President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry, Mr. Wang (Deputy Manager of COPHC), and Atif Khan (Convener of the LCCI Standing Committee on Gwadar Coastal Tourism), along with members of the chamber's Executive Committee.
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Chairman YO BO underscored Gwadar's significance within CPEC, describing it as the project's central axis. Notably, the first phase of Gwadar's port and city development, along with the Gwadar Free Zone, has been successfully completed under COPHC's decade-long stewardship, transforming Gwadar from a modest village into a thriving modern city equipped with cutting-edge technology.
Chairman YO BO highlighted China's substantial investments in Gwadar, spanning construction, airport infrastructure, and healthcare facilities. The Gwadar Free Zone, which became operational in 2018, has already attracted six companies to its vibrant Phase One, covering 25 hectares near the port. Additionally, the expansive North Free Zone, spanning 900 hectares, is designated for industrial and warehousing purposes, with a focus on processing raw materials for export.
Addressing Balochistan's untapped potential, Chairman YO BO emphasized that despite its abundant natural resources, the region has suffered from underdevelopment and negligible trade. However, Gwadar port is fully operational and capable of handling both imports and exports.
Chairman YO BO's visit wasn't a mere formality; it served as an invitation to the LCCI delegation to explore collaboration and investment opportunities in Gwadar. This gesture highlighted China's eagerness to foster joint ventures, not only within Gwadar but also across borders.
In response, LCCI President Kashif Anwar announced an upcoming business delegation to Gwadar, recognizing its paramount role within CPEC and its potential to catalyze regional connectivity, benefiting not only China and Pakistan but also neighboring nations like Iran, Afghanistan, and Central Asian Republics. Anwar viewed CPEC as pivotal for Pakistan's industrial and economic revitalization.
While acknowledging the progress made since CPEC's inception, Anwar emphasized the need to fully unlock its economic potential, with a focus on COPHC and Chinese investors for guidance.
Chairman YO BO addressed queries from the LCCI, providing insights into the Gwadar port's operational status, cargo handling capacity, and plans for the Gwadar International Airport's full-scale operation. He emphasized the port's role in facilitating trade with Iran, Afghanistan, and Russia and highlighted Gwadar's strategic advantages over Port Qasim.
A recurring theme throughout the discussion was the robust incentives offered to Chinese companies in the free zones, along with the prospect of mutually beneficial partnerships between Pakistani and Chinese businesses. Chairman YO BO revealed COPHC's pivotal role in CPEC's second phase, aligned with the One Belt Road Initiative, and detailed avenues for Pakistani investors to engage formally with Chinese companies for joint ventures.
The LCCI gathering concluded on a promising note, paving the way for strengthened collaboration between China Overseas Port Holding Company and Pakistani business entities. Chairman YO BO's vision and achievements clearly indicate that Gwadar's rise is set to shape the evolution of CPEC and Pakistan's economic trajectory, positioning both nations for a prosperous future together.