Umar sees over $1bn Chinese investment in Gwadar free zone

ISLAMABAD: Minister for Planning, Development and Special Initiatives Asad Umar said on Tuesday more than $1 billion of Chinese investment is expected in the newly inagurated Gwadar port free zone.

Briefing the media in Gwadar, he said Chinese investors have evinced great interest for investment in this zone, which, he said, is 35 times bigger than the first phase.

53 projects would be launched under the development plan this year, Asad Umar said, adding record development is being carried out in Balochistan on the instructions of Prime Minister Imran Khan.

He said the development work is being executed with the partnership of Balochistan government.

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On Monday, Prime Minister Imran Khan inaugurated the first phase of Gwadar port free zone.

Earlier, head of the China Pakistan Economic Corridor (CPEC) Authority Lt-Gen (retd) Asim Saleem Bajwa said the premier was going to lay the foundation stone of the second phase of CPEC projects spread over 2,200 acres.

The Gwadar city’s master plan has also been approved and it is being implemented, Bajwa said. He added a hospital, a vocational institute and an international airport are being built under CPEC.

We consider Prime Minister Khan’s South Balochistan package a panacea for the issues plaguing this part of the province, the China Pakistan Economic Corridor (CPEC) chairman said, adding it was neglected in the past.