Business

Pakistan signs 40-year deal with China for Gwadar port operation

Minister said under the agreement, China would carry out all development work on the port

APP April 21, 2017

A general view of Gwadar deep-sea port on the Arabian Sea. PHOTO: REUTERS

ISLAMABAD: Minister of Ports and Shipping Mir Hasil Khan Bizenjo on Thursday apprised the Senate that Pakistan had signed a 40-year agreement with China for the operation of Gwadar port.

During the question and answer session, the minister said under the agreement, China would carry out all development work on the port.

Gwadar steals attention as real estate market fluctuates

“As per the concession agreement, China Overseas Port Holding Company has a 91% share in the gross revenue of terminal and marine operations and 85% share in gross revenue from operations of the free zone,” he said. “Provinces have no share in revenue collection as per the current constitution.”

Meanwhile, Minister for National Food Security and Research Sikandar Hayat Khan Bosan said Rs1,500 million had been allocated under the Public Sector Development Programme for fiscal year 2015-16.

Published in The Express Tribune, April 21^st, 2017.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

COMMENTS (4)

Omar | 7 years ago | Reply Indians crying as usual and the great thing is no one is listening.

F.A Wani | 7 years ago | Reply Pakistan & India should make good relationships. Should be good friends This is a write time of there good economy. India should also join CPEC All investors of CPEC should be open hearted There should be no threat to these investors.

VIEW MORE COMMENTS

Haji Atiya | 7 years ago | Reply @Arif: How about more "wonderful new": "Pakistan signs 200 year deal with China for Pakistan state operation" ? Sounds good, no ?

Asif | 7 years ago | Reply Wonderful news, this opens a new era towards development.

Replying to X