As part of its 43-year plan with Pakistan, China has leased more than 800ha of land in order to build the port’s first free economic zone (FEZ) in Gwadar from Pakistani Navy and container depots in Baluchistan, according to IHS Maritime 360.
PTI previously reported that China was preparing its Gwadar initiative after attaining the right to manage the port. A total of more than US$1.6 billion is to be spent on the development of the port.
Beijing and Islamabad have invested more than $46 billion in the ‘China-Pak’ economic corridor. Of this amount, more than $785 million will be allocated to Gwadar Port.
The Pakistani government’s top economic officials said: “Another 500 acres [202 ha] of land will be leased out to China very soon to complete their requirement for the construction of the first FEZ at Gwadar, so the total land of 2,500 acres [1,011 ha] will be provided to their companies.”
Ahsan Iqbal, Pakistan’s Minister of Planning, Development and Reform previously stated that Gwadar would be made into a smart port city and that Gwadar’s development would accelerate with new projects taking effect.
