Beijing: Chinese companies formally assumed operations of the deepwater Gwadar Port in Pakistan on Thursday following an agreement signed between the two countries earlier this year. Originally the port was going to be run by PSA International in Singapore, but that port operator pulled out of the project.
Three state run Chinese companies, China Overseas Port Holding, China Merchants and Cosco, will be responsible for the operations of Gwadar port, a significant opening for Chinese companies onto the Indian Ocean.
China and Pakistan vowed to enhance connectivity through roads, rail and air to increase trade via Gwadar port during the Chinese premier Li Keqiang’s visit to Pakistan. [24/05/13]
