Skip to main content

Pakistani interest in Gwadar project fully considered: COPHC

https://www.samaa.tv/economy/2017/11/pakistani-interest-gwadar-project-fully-considered-cophc/


November 28, 2017

 

By:Samaa Web Desk

Published in Economy

 

BEIJING:  The Chinese company that is developing the Gwadar Port and the Gwadar Free Zone has said it has fully considered the interests of Pakistani side and has also agreed to share revenues from those projects although it wasn’t originally required to do so.

An employee from the China Overseas Ports Holding Co (COPHC) told the Chinese newspaper ‘Global Times’ that the company had agreed to turn over nine percent of the revenues from the Gwadar Port as well as 15 percent of the revenues from the Gwadar Free Zone to the Pakistani side.

The employee, who spoke on condition of anonymity, was responding to some media reports that 91 percent of the revenues from the Gwadar Port, which is part of the China-Pakistan Economic Corridor (CPEC) belong to China, and the Gwadar Port Authority would only get nine percent for the next 40 years.

The COPHC employee said that common international rules regarding build-operate-transfer (BOT) projects do not require the operator to share any revenue from the projects during the investment and operation period with the eventual owner.

“Since taking over command of the Gwadar Port and Gwadar Free Zone, COPHC has invested a huge amount of capital (US$270 million as of now).

But the company still faces large losses because the infrastructure, including roads, water and electricity weren’t put in place,” the COPHC employee said.

“At present, the operation of the Gwadar Port and Gwadar Free Zone is quite difficult and needs huge investment. Thus, we hope that a sound external environment is created for Chinese companies to support them fully in the development and operation of the Gwadar Port,” he continued.

The contract for construction and operation of Gwadar Port was signed between the Pakistani government and a Singapore company. But during an eight-year period, the Singapore side didn’t make any investment. As a result, the port didn’t start commercial operation. -APP

Comments

Popular posts from this blog

Balochistan to establish first medical university

https://www.dawn.com/news/1366135

The Newspaper's Staff CorrespondentOctober 25, 2017QUETTA: The provincial cabinet on Tuesday approved the draft for establishing a medical university in Balochistan.Health minister Mir Rehmat Saleh Baloch made the announcement while speaking at a press conference after a cabinet meeting.“The cabinet has approved the draft of the medical university which would be presented in the current session of the Balochistan Assembly,” he said, adding with the assembly’s approval the Bolan Medical College would be converted into a medical university.Published in Dawn, October 25th, 2017

China’s 'Digital Silk Road': Pitfalls Among High Hopes

https://thediplomat.com/2017/11/chinas-digital-silk-road-pitfalls-among-high-hopes/


Will information and communication technologies help China realize its Digital Silk Road?By Wenyuan WuNovember 03, 2017In his speech at the opening ceremony of China’s 19th Party Congress, President Xi Jinping depicted China as a model of scientific and harmonious development for developing nations. Xi’s China wants to engage the world through commerce but also through environmental protection and technological advancement. This includes Beijing’s efforts to fight climate change with information and communication technologies (ICTs) that it plans to export along its “One Belt One Road” initiative (OBOR). Xi may have ambitious plans, but could China be throwing up obstacles in its own way?In his speech, the Chinese president emphasized the need to modernize the country’s environmental protections. The Chinese state is taking an “ecological civilization” approach to development and diplomacy, with a natio…

Germany’s Siemens sets up Belt and Road office in Beijing

https://gbtimes.com/germanys-siemens-sets-up-belt-and-road-office-in-beijing
Germany’s Siemens sets up Belt and Road office in Beijingby Janne Suokas Mar 23, 2018 15:20 TRADEINVESTMENTBELT AND ROAD INITIATIVEGerman industrial and engineering group Siemens will set up a Belt and Road office in Beijing. surberFlickrCC BY 2.0
German industrial and engineering group Siemens will set up an office in Beijing to boost international cooperation under China’s Belt and Road initiative, the company said on Friday.The move will help strengthen Siemens’ cooperation with Chinese and international companies and expand business opportunities brought about by the Belt and Road initiative, according to the company’s statement.The Belt and Road initiative is China’s ambitious project to boost trade and infrastructure investment in more than 65 countries along the ancient Silk Road trade routes from Asia to Europe and Africa.Siemens said it had already partnered with hundreds of Chinese companies in overse…