The beginning of a new China Overseas Port Holding Company. in the history of economic development in Pakistan will marked. by the successful industrialization of the Gwadar Free Zone. The emergence of Pakistan as a production center in South Asia coincides. with the start of industry in the free zone. Exports rose. Pakistan’s current account deficit decreased. and foreign exchange reserves increased.
As part of the framework of the China-Pakistan Economic Corridor China Overseas Port Holding Company. China’s Belt and Road Initiative revolves around the Gwadar Port. a major development project being undertaken. The port may located on the coast of the Arabian Sea. near the Strait of Hormuz, which is one of the most important oil shipping routes. In addition to building the deep sea port. Pakistan and China have worked together to develop. the Gwadar Free Zone to maximize the potential of the port.
Future commercial hub:
The formation of this free economic zone will not only increase. the volume of goods shipped out of the country. but will also facilitate the establishment of contact. with all the important players in the surrounding area. Gwadar Free Zone covers an area of 2,281 acres. and located near the port. It is easily accessible by land and air. from major cities in the country. Economics is also key to maximizing. the port’s potential as a future commercial hub for the region and will play a major role in this process.
Gwadar Free Zone schedule:
Construction of the first phase of the Gwadar Free Zone has begun. The project completed and opened for business in 2018. Construction work has started on more than 60 acres of land. Developing seafood processing centers, refrigerated warehouses, warehouses and commercial centers. A total of 47 companies have approved to register. as potential investors in the first phase of the Free Zone Investment Program.
Gwadar Special Economic Zone:
In addition, three of the six plants. those built are now fully operational. He has 6 factories under construction. The second phase of the project. which covers a total area of 2,221 acres, was officially launched a year ago by former Prime Minister Imran Khan. His direct investment of $3 billion expected. to create about 30,000 jobs, according to China Port Holding. A second phase of development work is currently underway and. expected to take a year or two to complete.
Benefits of Gwadar Free Trade Zone:
The construction of the Gwadar Port. one of its major projects in the China-Pakistan Economic Corridor (CPEC). will improve connectivity with countries in Western China, South Asia and Central Asia. The Pakistani government has come to the conclusion. that working with China to develop free zones is the best way. to achieve its goal of becoming a major player in regional trade. China Ports Holding Corporation (COPHC) is responsible. for managing the free zones from the government. that oversees the China-Pakistan Economic Corridor (CPEC).
The newly established business in Hong Kong has a 40-year contract. with the Government of Pakistan. The main objective is to turn this port into a major center for commercial activity. At this stage, the company has built a total of 25 luxury shopping malls in Bidan. Gwadar will also get a power plant and an international airport as per the current plans. The main purpose of establishing. This economic bloc is to attract potential investors from other countries. to launch new projects in the fields of manufacturing, logistics and service provision. It has a significant impact on the country’s economic situation. and contributes to creating new job opportunities for the people.
Joint feasibility study:
Additionally the establishment of these free zones will help develop strong ties. with China and other countries in the region. Quetta Electric Power Supply Company (QEPSC). and China Overseas Holding Corporation. COPHC has successfully completed a joint feasibility study. at supplying 5 megawatts (MW) to the Gwadar (North) Free Zone, for the next 60 days. After a joint feasibility study completed. and all physical and operational indicators found to be smooth. and favorable.
To media sources:
The Gwadar (North) Free Zone will open. as a first step, according to media sources. It turns out that getting regular and cheap 5MW power is a process. Quetta Electricity Supply Corporation QEPSC. and Ports of China Corporation (COPHC) have successfully completed. a joint feasibility study to supply 5 MW of electricity to the Gwadar Free Zone (North) in the next 60 days. start within Gwadar Pro.
The Gwadar (North) Free Zone will be regular and We found it affordable to get 5MW. This decided after an investigation found everything physical. and operational indicators to be smooth and positive. According to a statement made by a QEPSC official to his Gwadar Pro. The second part of the project will include 12 MW of power supply to the Gwadar Free included.
As part of the phase one arrangement. We are preparing infrastructure for the installation of electricity. and related equipment, including the installation of ballot boxes. with power lines,” said a QEPSC official. is currently under preparation. According to him, the entire electrical infrastructure. he will extend over a distance of 3 km and will connect the Gwadar Port. network station to the Gwadar Free Zone (north). three separate companies are completing the development work required. to launch their own industry within the next two months.
The development work:
A deep seaport grid station was specially built for Gwadar port and free zone with three feeders.” Due to insufficient power supplied by QEPSC, the grid station is a huge expense. This achieved by utilizing expensive fossil fuels. One possible source for him is Quetta’s National Grid station. The second location is Jabd Ramdan, located on the border of Pakistan and Iran. The third source is the Nag Besima region on the border of Pakistan and Iran. Meanwhile, in the Gwadar (North) Free Zone.
He went on to say that the new system would benefit investors. in the Gwadar Free Zone (North).COPHC officials said. that in fact the current electricity prices in the Gwadar Free Zone (south). and Gwadar Port are off the charts, causing a serious economic hit. to Gwadar Port operators and businesses located in Gwadar Development Authority. says that Zone (South). We were buying petrol at a cost of Rs. 1.5 million per month to Gwadar port and Rs. 3.5 million per month in the free zone of Gwadar (southern).