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Pakistan signs 40-years lease agreement with China for Gwadar Port operations: NA told

Date : 21-04-2017
By : Muhammad Arif
Pakistan signs 40-years lease agreement with China for Gwadar Port operations: NA told
Islamabad, April 20: Pakistan has signed a forty year lease agreement with China for the operations of Gwadar Port and under the agreement, China will carry out all development work on the Port,  Minister for Ports and Shipping Mir Hasil Khan Bizenjo told the Senate on Thursday.

“China Overseas Port Holding Company (COPHC) has 91 per cent share of revenue collection from gross revenue of terminal and marine operations and 85 per cent share from gross revenue of free zone operation,” he added.

Bizenjo further added that the provinces have no share in revenue collection as per the constitution.

China Overseas Ports Holding Company currently manages the operations of port which Pakistani officials envision turning into another Dubai.
Experts say once operational Gwadar will overtake Dubai, Singapore, Shanghai and Hong Kong to become the most busiest port in the world, and Pakistan will emerge as a trade hub.

Gwadar port has been dubbed as "heart" of the China Pakistan Economic Corridor, a  $46 billion development project giving China greater access to the  markets of Middle East, Africa and Europe through Gwadar port of Pakistan.

The Gwadar port was built in 2007 with technical help from China as well as Chinese financial assistance worth $248 million.


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