ISLAMABAD: Pakistani authorities will formally hand over 2,281 acres of Gwadar Port’s free trade zone on a lease of 43 years to the Chinese state-owned company, China Overseas Ports Holding Company.
Wang Xiaotao, Chinese Vice Chairman of National Development and Reform Commission, will lead a delegation of top-level officials and private companies leaders to attend the hand-over ceremony.
Ahsan Iqbal, Pakistani Federal Minister for Planning, Development and Reform will also attend the ceremony. A high level meeting of both authorities will be held in Karachi on November 12 to complete the formalities. The Pakistani government has already declared Gwadar port a free trade zone for the next 23 years.
The scheme is part of the China-Pakistan Economic Corridor (CPEC), an ambitious $46 billion investment plan linking western China to the Arabian Sea with infrastructure, energy and transport projects.
The Pakistan government has also committed to form a special security force of between 10,000 and 25,000 men to protect Gwadar port and the Chinese workers.