Pakistan's Gwadar port leased to Chinese company for 40 years
By PTI | Apr 20, 2017, 09.39 PM IST
ISLAMABAD: A state-run Chinese company will handle the operations of Pakistan's strategic
Gwadar port for a period of 40 years, the government said today.
Minister for Ports and Shipping Mir Hasil Khan Bizenjo said the China Overseas Port Holding Company (COPHC) would carry out all the development work on the port on the Arabian Sea.
The COPHC has 91 per cent share of revenue collection from gross revenue of terminal and marine operations and 85 per cent share from gross revenue of free zone operation, he was quoted as saying by The Nation.
The provinces have no share in revenue collection as per the constitution.
Gwadar forms the southern Pakistan hub of the USD 57 billion China-Pakistan Economic Corridor (CPEC) infrastructure and energy project that Beijing announced in 2014.
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Last year, Pakistan welcomed the first large shipment of Chinese goods at Gwadar, where the COPHC took over operations in 2013. It plans to eventually handle 300 million to 400 million tonnes of cargo a year.
It also aims to develop seafood processing plants in a nearby free trade zone sprawled over 2,281 acres.
The route through Gwadar offers China its shortest path to the oil-rich Middle East, Africa, and most of the Western hemisphere, besides promising to
open up remote, landlocked Xinjiang.
where are you getting this kind of information a certain foreign company operate in india loots its people and dont pay any tax for the product they sells
a company operates in any country have to follow its laws
they are only to manage that port it is our port taxes on cargo ships apply toll taxes applies and not only on chineese good but also on those which comes and goes to middle east africa europe and in arab