ISLAMABAD, (TDI): A Chinese delegation, led by the Consul General in Karachi, Yang Yundong, met with President Asif Ali Zardari and expressed interest in investing $1 billion to establish a medical city in Pakistan, state broadcaster Radio Pakistan reported on Thursday.
This comes as part of China’s longstanding partnership with Pakistan, especially through the $65 billion China-Pakistan Economic Corridor (CPEC), which focuses on infrastructure, energy, and other development projects. CPEC is a key component of China’s Belt and Road Initiative.
The Chinese delegation also expressed interest in investing in various sectors of Pakistan’s economy, including agriculture, livestock, energy, transport, and manufacturing. The President assured the delegation of Pakistan’s commitment to facilitating and supporting Chinese investments.
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During the meeting, Zardari highlighted the strategic importance of the Gwadar port, developed by China under CPEC, noting that it is set to become a “regional trade and economic hub.” He emphasized that the port would enhance regional connectivity and foster increased trade and economic cooperation.
Gwadar, located on the Arabian Sea in Balochistan, a province rich in natural resources but marred by separatist insurgency, is a focal point of Chinese investment under CPEC.
The China Overseas Port Holding Company (COPHC) managing Gwadar has plans to expand the port’s capacity to handle up to 400 million tons of cargo annually.
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The long-term development of the port aims to establish 100 berths by 2045, although the port is currently underutilized due to factors like its distance from major marketplaces, security challenges, and limited services.
Earlier this year, Prime Minister Shehbaz Sharif instructed that 50% of all public sector cargo be routed through Gwadar, a directive that was approved by the cabinet in September.
