A Governmental report has revealed that Gwadar free zone is facing many hurdles in its development and key component of CPEC has not yet achieved even a portion of industrial hub as previously projected.
The report prepared by the Board of Investment on the direction of the CPEC Committee of the Federal Cabinet has recommended revision of the Port Concession Agreement with Chinese operators, which aims to remove some major obstacles in the development of Gwadar.
According to the Board of Investment’s review report, Gwadar has long been marketed as a hub of CPEC related trade and Investments.
Adviser to the Prime Minister on CPEC Khalid Mansoor has said that his first priority is to develop an early business and marketing plan for Gwadar Port and Free Zones, to take Gwadar forward with practical steps to take advantage of the deep seaport potential.
To increase and attract investment of major Chinese companies in various sectors as per the country’s need, it is very important to promote import substitute Industries and relocate industries from East China to Gwadar, he added as Opportunities exist.
Khalid Mansoor said that he is working with China Overseas Port Holding Company and the Chinese Embassy on these objectives.