China seals 40-year operation rights at Gwadar Port

China seals 40-year operation rights at Gwadar Port

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.

Katherine Si

Having majored in English Katherine started out at news portal ShippingChina.com where she rose to become News Editor. In 2008 she moved to work with Sam Chambers and has since held numerous positions including China correspondent for Seatrade magazine. Katherine is in touch with Chinese owners and yards on a daily basis and has had many prestigious news scoops reporting China’s fast evolving maritime scene.

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