ISLAMABAD: The China Exhibition and Trading Centre has been completed in a record time of six months at Gwadar Port at the cost of $ 12 million.

Federal Minister for Planning, Development and Special Initiatives on Friday made this announcement while chairing a meeting.

The project was launched in November 2022, on the direction of Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal for promoting business and related activities at Gwadar.

Following the direction of the Planning minister, China Offshore Ports Handling Company (COPHCL) started construction of the project which has been completed on Friday.

The Planning minister has further directed to conduct the third International Expo Gwadar in the newly-established Expo Centre in June 2023, coinciding with the 10-year celebrations of the CPEC in July 2023.

It is noted that Gwadar holds immense significance as a key component of the China-Pakistan Economic Corridor (CPEC) and the broader Belt and Road Initiative (BRI). Located strategically on the Arabian Sea, Gwadar serves as Pakistan's premier deep-water port, offering a gateway to the Arabian Gulf, Middle East, and Central Asia.

The development under the CPEC aims to transform Gwadar into a major trade and economic hub, facilitating regional connectivity and enhancing Pakistan's maritime trade. Gwadar’s potential as an energy and transport corridor, coupled with its strategic location, makes it a focal point for international investment and economic cooperation, driving economic growth and regional integration.

Copyright Business Recorder, 2023