According to Zhang Baozhong, Chairman of China Overseas Ports Holding Company (COPHC), up to 14 Chinese investors would visit Gwadar next week to analyse the investment possibilities of Gwadar and Balochistan.
“We received more than 17 ambassadors from the United States, Canada, and European Union countries last year,” he said during a briefing.
“Once the plan is fulfilled, job possibilities can be supplied to the people in addition to the induction of economic operations,” he added, adding that Chinese investors have expressed strong intents to invest $5 million in Gwadar to build an oil refinery. Other industries, such as lubricants and agriculture, are also being considered, according to him.
According to China Economic Net (CEN), during Zhang’s visit to China, he addressed meat export from Pakistan to the Chinese market, which the government is willing to explore.
“We invested $15 million to purchase five new cranes to replace outdated ones in order to refurbish infrastructure at the port,” he said of the port’s expansion.
LPG A vessel that was offloaded today and a cargo vessel that arrived the next day are both examples of expedited port activities. These indicators point to positive news in the future. However, there is still work to be done.”
In response to a question, he stated that they have invested more than $300 million in the Gwadar Port and Free Zone thus far, and that important megaprojects such as the New International Airport, East Bay Expressway, Pakistan China Vocational Training Institute, China-Pakistan Friendship Hospital, and 1.2-MGD plant are among the grants from the Chinese people for the local brothers of Gwadar.
“At COPHC, we produce electricity via generator, which is very expensive,” he said, describing electricity as “particularly crucial for development.”
Chinese investors are eager to relocate their businesses to Pakistan. Refinery, assembly, petrochemical, and textile are just a few of the areas where money is being put into. However, he believes that without power, the transformation will be impossible.