In order to boost Pakistan’s marine economy, the Ministry of marine Affairs has inked an investment deal with the Chinese company Xinning Enterprise to upgrade Gwadar Port and start new industrial projects in the Gwadar Free Zone.
A signed letter of intent to increase Gwadar’s business reach
Formalized by a letter of intent, the agreement describes cooperation on developing new sectors, increasing trade capacity, and upgrading existing port facilities at Gwadar, a port deemed essential to Pakistan’s connectivity under the China-Pakistan Economic Corridor (CPEC).
The goal of the agreement, according to officials, is to establish Gwadar as a major logistics and transportation hub in the area by transforming it into a transshipment center.
