The development of Gwadar and its free zone is marred by a host of obstacles and the centre-piece of China-Pakistan Economic Corridor has yet to show even its first glimmer of the promised industrial hub – reveals findings of an official report.
The report – commissioned by the Cabinet Committee on the CPEC –has recommended revisiting the Port Concessions Agreement with Chinese operators aimed at addressing some of the major obstacles to the development of Gwadar.
Gwadar is also described as the crown of the CPEC.
“Long being marketed as the center-piece of the CPEC, Gwadar has yet to reach the heights of expected industrial development that can serve as catalyst for domestic and foreign investment,” said the official assessment by the Board of Investment.
The Gwadar “has yet to even show its first glimmer of the promised industrial hub that can serve as a catalyst for domestic and foreign investment”, revealed the findings of the report.
The assessment also showed that although Pakistan had extended a lucrative incentive package, the lack of investment interest in Gwadar Free Zone was “inexplicable”.