Business

LONDON (Online) – China has acquired 809 hectors land on lease for 43 years in Gwadar.


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According to UK defence magazine, IHS, China has acquired 809 hectors (1999 acres) land from Pakistan on lease for 43 years for construction of first Free Economic Processing Zone (EPZ) in Gawadar port.

Read more: Free Trade Zone being established at Gwadar

As per Port Authority construction of basic infrastructure and  EPZ will cost over Rs 3.65 billion. Citing to a Chinese journal, IHS wrote that Gwadar Port Authority (GPA) acquired 607 hectors land in June and 202 hectors land will soon be acquired.

All the land has been acquired from Pakistan Navy and container depot Balochistan.

Read more: COAS Raheel Sharif inspects progress on CPEC in Balochistan

Referring to statement given by top economic managers of Pakistan to local media the journal said more 500 acres land will be leased out to China for construction of first free EPZ.

This way 2500 acres land will be given to Chinese companies on lease. China attained the rights for carrying out work on Gwadar port for 40 years in April this year. This port will provide China access to Gulf States.