Beijing: China has been granted by Pakistan the 40-year operational rights of Gwadar Port during Chinese president Xi Jinping’s visit to the South Asian country.
The port will be fully operational by the end of this year.
Beijing has planned to invest $1.6bn in the port and nine infrastructure projects including a freeway connecting the port and nearby coastline, berth dredging and a free trade zone. The projects are expected to be completed within five years.
The Gwadar Port project is part of the China-Pakistan Economic Corridor (CPEC) programme to develop the port to be a major logistics hub of China’s supply chain, giving China access to the India Ocean.