China plans $50 billion investment in Gwadar The Chinese government has set out plans to invest $50 billion by 2017 in new coal-fired power plant and solar and wind energy units in Gwadar to help stabilise supply in the energy-deficient country. Shah Faisal Afridi, President Pak-China Joint Chamber of Commerce and Industry said China has planned to replicate the model of Shanghai Free Trade Zone (SFTZ) for the development of Gwadar. “This development will enable Gwadar to create a nexus between Pakistan, Iran, China and Central Asian States that would ultimately generate billions of dollars in revenue along with job opportunities,” Afridi said in a statement. SFTZ is a perfect model to be implemented at Gwadar at the sideways of economic corridor, he added. Afridi said the zone that was first used as a testing ground for a number of economic and social reforms in China showed marvelous success. SFTZ incorporated numerous relaxations in various sectors under the free trade zone’s new capital registration system. Foreign investors are no longer required to contribute 15 percent capital within three months and full capital within two years of the establishment of a foreign invested enterprise. Natural endowments, including oil, gas, copper, gemstones, marble and gold reserves at Balochistan should be exploited by motivating local community. They should be professionally trained regarding their specific field and providing them soft loans in order to bring them into the mainstream of economy. Economic experts anticipate that around 2.5 million people will get jobs with the start of this project and that is why the government is setting technical training centers in the surrounding area to train people.
Posted on: Wed, 10 Sep 2014 05:44:12 +0000
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