China to set up $4.5 bln melting plant in Gwadar
Pakistan and China highlighted the significance of Gwadar as a central pillar of CPEC and an important node in regional connectivity and agreed to jointly accelerate the construction and operation of Gwadar Port and build its low-carbon circular industry zone.
It appears that China will set up a melting plant in Gwadar, Balochistan. The investment will value at $4.5 billion. China and Pakistan signed the agreement for investment during PM Khan’s recent trip to China.
The two sides highlighted the significance of Gwadar as a central pillar of CPEC and an important node in regional connectivity. The two sides agreed to jointly accelerate the construction and operation of Gwadar Port and build its low-carbon circular industry zone. They agreed to build high-quality livelihood projects for the socioeconomic development of Gwadar city and its residents.
Earlier, Information Minister Fawad Chaudhry, while talking to a private media channel on the success of PM’s visit, revealed that China will invest $4.5 billion in the melting project. Important to note, Balochistan is rich in minerals. Additionally, Fawad Chaudhry also stated that China will further invest around $2 billion in mining projects.
Additionally, there are reports stating that Pakistan and China signed different agreements worth $10-15 billion dollars.
Prime Minister Imran Khan’s visit to China was indeed a massive success. The two sides reiterated commitment on various fronts.
Shortly after PM Khan’s visit, China and Pakistan released a joint statement giving a brief overview of the meeting between the two countries.
PM Imran briefed President Xi on the people-centered geoeconomics vision. He talked about the government’s policies for Pakistan’s sustained growth, industrial development, agricultural modernization and regional connectivity.
He also lauded China’s continued support and assistance to Pakistan’s socioeconomic development in the form of the high-quality development of CPEC.
During the meeting, the PM also shared his views with the Chinese president on the growing polarization in the world, which threatened the unraveling of global developmental gains and posed serious risks to the developing countries.
During the interaction, Pakistan also reaffirmed its commitment to the security of all Chinese personnel, projects and institutions in Pakistan.