Latest news with #UmerZaffarShaikh
Express Tribune
5 days ago
- Business
- Express Tribune
Chinese firm signs LoI to invest in free zone
Listen to article China's Xinning Enterprise has signed a Letter of Intent (LoI) with the Gwadar Port Authority (GPA) to launch major industrial and commercial ventures at Gwadar Port and its Free Zone, marking a key step in enhancing Gwadar's role as a regional trade and economic hub. According to an official statement, the LoI was signed Tuesday by Yi Jiang, representing Xinning Enterprise, and received by Umer Zaffar Shaikh, Additional Secretary of the Ministry of Maritime Affairs, on behalf of GPA Chairman Noorul Haq Baloch, who joined the event via Zoom. The proposed projects include developing Gwadar as a regional transshipment centre, launching industrial initiatives, relocating industries, and upgrading Free Zone facilities. The statement said these efforts are part of a broader push to attract foreign investment and boost port performance. The statement adds that the Chinese business delegation, led by Yi Jiang, who is also a Director of the All-China Federation of Industry and Commerce (ACFIC), also held a meeting with Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry. The minister praised the agreement as a milestone that strengthens Gwadar's strategic importance. He said Xinning Enterprise's involvement could significantly improve port throughput, stimulate investment, and drive regional economic growth. Both parties agreed to work within Pakistan's regulatory framework and continue discussions to identify specific investment opportunities, finalise operational details, and establish mechanisms for cooperation. The maritime minister reiterated the government's resolve to make Gwadar a global maritime gateway and industrial hub, adding that partnerships with reputable global enterprises will help realise Pakistan's maritime and economic goals.
Business Recorder
5 days ago
- Business
- Business Recorder
Investment boost: GPA inks LoI with Chinese firm
ISLAMABAD: The Gwadar Port Authority (GPA), Tuesday, signed a Letter of Intent (LoI) with Chinese firm Xinning Enterprise to stimulate major industrial and commercial investments at Gwadar Port and its free zone, underscoring Gwadar's growing role as a key regional hub for trade and economic activity. The LoI signed Tuesday by Yi Jiang, representing Xinning Enterprise, outlines plans for diverse ventures and received by Umer Zaffar Shaikh, Additional Secretary of the Ministry of Maritime Affairs on behalf of Chairman Gwadar Port Authority, while Chairman Gwadar Port Authority, Noor ul Haq Baloch joined the event through Zoom. These ventures include developing Gwadar Port as a regional transshipment centre, launching new industrial projects, optimising existing facilities within the Gwadar Free Zone, and relocating industries. Gwadar Port Authority to partner with Chinese firm to boost investments The Chinese business delegation, headed by Yi Jiang, Director of the All-China Federation of Industry and Commerce (ACFIC) also met with Maritime Minister Muhammad Junaid Anwar Chaudhry to discuss ways to boost the performance of Gwadar Port. The minister lauded the partnership as a significant milestone in strengthening Gwadar's strategic importance. He highlighted Xinning Enterprise's potential to boost the port's throughput, attract foreign investment, and contribute to the broader economic development of the region. Both parties committed to adhering to Pakistan's legal and regulatory framework governing Gwadar's port and Free Zone operations. They also pledged continued good-faith discussions to identify investment opportunities, finalise operational details, and establish mechanisms for cooperation. Minister Junaid Chaudhry reaffirmed the government's commitment to transforming Gwadar into a global maritime gateway and industrial powerhouse, emphasising that collaborations with reputable international enterprises will accelerate Pakistan's maritime and economic ambitions. Once fully started functioning potentially the Gwadar port can handle export and imports of multibillion dollars but as yet it was facing a number of serious challenges including start of trade with Central Asian Republics (CARs), implementation of federal government's directives to export 60 percent of local good via Gwadar and trade with Afghanistan has also yet not started from the port. Moreover, recently the maritime minister has said that the Gwadar Port can generate over $850 million in annual exports through local value-added fisheries and date exports provided with consistent investment, strategic policymaking, and improved infrastructure. Gwadar Port is a deep-sea port located in Balochistan, strategically positioned near the Strait of Hormuz. Touted as a game-changer for Pakistan's economy, the port is meant to boost regional trade, create jobs, and attract foreign investment. He maintained that Balochistan's coastline makes up 76.2 per cent of Pakistan's total coastal length, yet its fish production significantly lags behind its actual potential. To support business and connectivity in the region, the minister announced steps to improve air travel, saying that Pakistan International Airlines would increase its weekly flights to Gwadar from one to three. 'Two weekly flights between Gwadar and Karachi and one between Gwadar and Islamabad are under consideration,' he said. He added that the possibility of introducing a chartered flight mechanism to facilitate travel for businesspersons and investors was also under consideration. The federal government has already announced an ambitious plan to expand Gwadar Port's operational capacity by introducing additional shipping lines and launching a ferry service connecting Pakistan with Gulf Cooperation Council (GCC) countries. Copyright Business Recorder, 2025
