Pakistan to Hand Over 2,281 Acres of Gwadar Port’s FTZ to China

The Pakistan government has also committed to form a special security force of between 10,000 and 25,000 men to protect Gwadar port and the Chinese workers.

 

Pakistan to Hand Over 2,281 Acres of Gwadar Port’s FTZ to China

Pakistani authorities will formally hand over 2,281 acres of Gwadar Port’s free trade zone on a lease of 43 years to the Chinese state-owned company, China Overseas Ports Holding Company.

Wang Xiaotao, Chinese Vice Chairman of National Development and Reform Commission, will lead a delegation of top-level officials and private companies leaders to attend the hand-over ceremony.

Ahsan Iqbal, Pakistani Federal Minister for Planning, Development and Reform will also attend the ceremony. A high level meeting of both authorities will be held in Karachi on November 12 to complete the formalities. The Pakistani government has already declared Gwadar port a free trade zone for the next 23 years.

The scheme is part of the China-Pakistan Economic Corridor (CPEC), an ambitious $46 billion investment plan linking western China to theArabian Sea with infrastructure, energy and transport projects.

The Pakistan government has also committed to form a special security force of between 10,000 and 25,000 men to protect Gwadar port and the Chinese workers.

http://www.pakistantoday.com.pk/2015/11/11/business/pakistan-to-hand-over-2281-acres-of-gwadar-ports-ftz-to-china/