ISLAMABAD: The government has bought land for free zone, which will be built under the China-Pakistan Economic Corridor (CPEC) project.
According to the budget document, the Gwadar Port Authority has completed land acquisition process for free zone and its execution is expected to start soon. The funds for acquisition of land to be handed over to concession holder for establishment of FZ have been provided through Public Sector Development Programme (PSDP).
The same time the company is going to establish a large exhibition centre adjacent to Port for display of Chinese and Pakistani products. This would be the first Zone in Pakistan, spread over an area of 9.23 sq km, adjacent to the port.
Moreover, under the CPEC, the Gwadar Port is said to be strategically important to China because it will bring closer Middle Eastern ports to China through Karakoram Highway (KKH) linking Gwadar with Kashgar. Under CPEC, Gwadar Port is considered as gateway of CPEC, and Gwadar city as one of the pivotal cities of the corridor.
The first special economic zone (SEZ) of CPEC is being developed in Gwadar city. The government-to-government CPEC agreements have created bright prospects for optimum operationalisation of Gwadar Port and harnessing the benefits of regional trade connectivity through this naturally deep-sea port by Pakistan, China, Central Asian Republics and Afghanistan.