Latest news with #XinningEnterprise
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
Business Recorder
6 days ago
- Business
- Business Recorder
Gwadar Port Authority to partner with Chinese firm to boost investments
KARACHI: The Gwadar Port Authority (GPA) signed on Tuesday a letter of intent (LoI) with Chinese firm Xinning Enterprise to 'stimulate major industrial and commercial investments at Gwadar Port and its Free Zone', the Ministry of Maritime Affairs said. Located in Balochistan, Gwadar Port is a strategically important deep-sea port and a key component of the China-Pakistan Economic Corridor (CPEC), a massive infrastructure project aimed at boosting regional trade and connectivity. Last month, the government unveiled a strategic plan to expand Gwadar Port's operational capacity by introducing new shipping lines and launching a ferry service connecting Pakistan with Gulf Cooperation Council (GCC) countries. 'The initiative is part of the government's broader strategy to enhance regional connectivity, boost maritime trade, and position Gwadar as a major hub in the Arabian Sea,' Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said then. 'We aim to transform Gwadar into a strategic transhipment and logistics centre, benefiting Pakistan and the wider region.' The LoI signed on Tuesday by Yi Jiang, representing Xinning Enterprise, outlined plans for diverse ventures and received by Umer Zaffar Shaikh, Additional Secretary of the Ministry of Maritime Affairs on the 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 center, launching new industrial projects, optimising existing facilities within the Gwadar Free Zone, and relocating industries,' the ministry said. Pakistan's PNSC partners with Chinese firm to explore maritime investments The two sides also discussed ways to boost the performance of Gwadar Port and committed to adhering to Pakistan's legal and regulatory framework governing Gwadar's port and Free Zone operations, it added. 'They also pledged continued good-faith discussions to identify investment opportunities, finalise operational details, and establish mechanisms for cooperation.' Chaudhry reaffirmed Pakistan government's commitment to transforming Gwadar into a global maritime gateway and industrial powerhouse, emphasising that collaborations with reputable international enterprises would accelerate Pakistan's maritime and economic ambitions. On Monday, the government approved its first-ever ferry service licence to an international ferry operator, Sea Keepers, authorising the company to operate routes connecting Pakistan with GCC countries, according to a statement. The new ferry service is expected to serve hundreds of thousands annually, particularly pilgrims travelling to Iran and Iraq, alongside workers and tourists bound for GCC states.
Arab News
6 days ago
- Business
- Arab News
Pakistan's Gwadar port, Chinese company ink agreement for industrial, commercial agreements
KARACHI: Chinese company Xinning Enterprise and the Gwadar Port Authority (GPA) have signed an agreement to stimulate industrial and commercial investments at the port and its free zone, Pakistan's maritime affairs ministry said on Tuesday. Gwadar city is situated along the Arabian Sea and lies at the heart of the China-Pakistan Economic Corridor (CPEC), under which Beijing has funneled tens of billions of dollars into massive transport, energy and infrastructure projects in Pakistan. Pakistani officials have said Gwadar's geostrategic position as the shortest trade route to the Gulf and Central Asia highlights its port's potential to become a regional transshipment hub. 'China's Xinning Enterprise has signed a Letter of Intent (LoI) with Gwadar Port Authority (GPA) 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 statement said. The statement said these ventures include developing Gwadar port as a regional transshipment center, launching new industrial projects, optimizing existing facilities within the Gwadar Free Zone and relocating industries. Pakistan's Maritime Affairs 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,' the statement said. Chaudhry reaffirmed the government's commitment to transforming Gwadar into a global maritime gateway and industrial powerhouse, the ministry added. He stressed that collaborations with reputable international enterprises will accelerate Pakistan's maritime and economic ambitions. As cash-strapped Pakistan recovers from a macroeconomic crisis with the help of a $7 billion International Monetary Fund deal, Islamabad has been looking to capitalize on its geostrategic location to boost transit trade and foreign investment for a sustainable economic recovery. Prime Minister Shehbaz Sharif's government has eyed increased trade and investment deals with regional allies such as the Gulf countries and Central Asian Republics since Pakistan came close to defaulting on its debt in 2023.
